Model Financial Statements – Private sector NFPO – Part III of the CPA Canada Handbook - Accounting

Author: Ordre des comptables professionnels agréés du Québec

Latest update : August 2020


The “Model Financial Statements – Private Sector NFPOs – Part III of the CPA Canada Handbook – Accounting” include several sets of financial statements prepared in accordance with the accounting standards in Part III of the CPA Canada Handbook – Accounting for private sector not-for-profit organizations (ASNPO) as well as the standards in Part II that apply to NFPOs. The 2020 edition of these financial statements only reflect the changes that are applicable for fiscal years beginning on or after January 1, 2020. 

Update – August 2020

The August 2020 update includes the following amendments.

Examples A, B and C and Additional Examples of Notes and Financial Statement Presentation

  • No changes were made to models A, B or C.
  • Additional examples of notes related to COVID-19.

These financial statements include three general financial statements (Association A, Foundation B and Aid Agency C) for entities that already apply ASNFPOs as well as a complete section presenting additional examples of notes to financial statements for particular situations. Furthermore, a model financial statement for first-time adopters of ASNFPO is also included. In addition, each set of financial statements is also accompanied by notes to the financial statements, comments and illustrative audit or review engagement reports.

  • Section A – Association A: No fund accounting;
  • Section B – Foundation B: With fund accounting according to deferral method;
  • Section C – Aid Agency C: According to the restricted fund accounting;
  • Section D – Additional examples of notes and financial statement presentation for certain specific situations including examples of notes relating to the COVID-19 pandemic
  • Section E – Association A: First-time adoption of ASNFPO;
    • Appendix 1 – Other example of a note on the impact of the changeover when an organization uses certain exemptions set out in Section 1501 of the Handbook
    • Appendix 2 – Effect on the financial statements when comparative information is presented in the form of comparative financial statements
  • Other illustrative reports

The model financial statements were designed to apply to a wide variety of situations and to set out examples of various options made available by the standards respecting financial statement presentation and content. A table at the beginning of this publication entitled General Comments summarizes these situations and options and will help readers to select the model most suitable to their situation.

Note that a guide addressing specific application for syndicates of co-owners is sold separately: Guide et états financiers modèles – Syndicats de copropriétaires  (available in French only).

Target audience

CPAs in public practice and CPAs in industry.

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