Bookkeeping Canada Guide To Financial Statements Of Not For Profit Organizations(1st Edition)
Authors:
Jesse Print
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ISBN: 6075282866, 978-6075282862
Book publisher: Independently published
Bookkeeping Canada Guide To Financial Statements Of Not For Profit Organizations 1st Edition Summary: The Risk Oversight and Governance Board of the Canadian Institute of Chartered Accountants has developed this Guide to help directors of not-for-profit organizations (NPOs) to understand the financial statements of the organization they serve. Although boards may delegate the detailed aspects of financial oversight to a board committee, all directors have a personal responsibility for ensuring they understand the financial information provided to them and the financial implications of their decisions and actions. Directors are expected to probe and question until they are satisfied with their organization’s financial information and the direction in which the organization is moving. An understanding of financial statements is a prerequisite for effective oversight of the financial affairs of the organization.Financial statements in the NPO sector can involve accounting methodologies not found in the for-profit sector. NPOs are very diverse and range from small all-volunteer groups to large highly sophisticated enterprises. Some, but not all, have charitable status. This document is directed to NPOs that are of a sufficient size to require a management team and engage the services of an external auditor. The sample financial statements in the Guide assume charitable status for the organization; however, the Guide is still of considerable value to directors of NPOs without charitable status.The Guide will assist NPO directors to understand:• The role and responsibilities of the board, management and the auditor in financial reporting;• The concepts and terminology of financial reporting in the NPO sector;• The ways in which contributions (i.e., donations) to the organization can be accounted for; and• The various financial statements they will encounter in their role as an NPO director.Directors of government-sponsored NPOs and NPOs that operate “social enterprises” may find this guide helpful; however, they face particular financial reporting issues that are not covered in this briefingThroughout the Guide, there are sections entitled “Items for directors to watch for and questions to ask”. These sections are intended to assist directors to undertake their governance oversight role in an effective manner. Directors are encouraged to frame additional questions in the particular circumstances they face.The Risk Oversight and Governance Board acknowledges and thanks the members of the Not-for-Profit Organizations Committee and the Directors Advisory Group for their invaluable advice and the CICA staff who provided support to the project. A special thank you is extended to William G. Wolfson and William Harper for writing this briefing.
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