First time reporting on NFPOs adopting accounting standards

Have you been engaged to report on a not-for-profit organization (NFPO)’s first set of financial statements prepared in accordance with Canadian accounting standards? Our informative guide shows you the ropes with two audit approaches and helpful real examples.

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There are major areas management needs to address when adopting a new financial reporting framework, whether they are adopting:

  • Canadian accounting standards for NFPOs (ASNFPO)
  • Canadian public sector accounting standards (standards for government not-for-profit organizations) (PSAS-GNFPO).

First-time Reporting on Financial Statements Adopting Canadian Accounting Standards for Not-for-Profit Organizations provides the guidance you—as an auditor of an NFPO or public sector NFPO—and your client will need to make a smooth transition.

Helpful appendices with examples and excerpts from actual engagement letters, representation letters, and unmodified and qualified auditors' reports illustrate best practices.

You will learn:

  • the implications of adopting ASNFPO or PSAS-GNFPO for management and for you as auditor
  • two audit approaches you can use and how each approach impacts:
    • the auditor's opinion
    • audit procedures