New model financial statements and guides for CMHC-subsidized organizations
The Portfolio Management and Loans Administration Centre of the Canada Mortgage and Housing Corporation (CMHC) – Quebec Region has decided to change the accounting framework to be used by organizations it subsidizes in order to comply with the Canadian accounting standards for not-for-profit organizations (ASNFPO). This decision was made with the support and cooperation of the Order’s working groups.
Accordingly, the presentation of financial statements will now be harmonized for all CMHC-subsidized organizations (with the exception of aboriginal organizations on reservations).
The change will be effective starting in the fiscal year ending December 31, 2014. In collaboration with their auditors, organizations will have to choose between the reconstituted cost model and fair value measurement to value their capital assets on the changeover date.
Access the new CMHC documents prepared in collaboration with the Order: