Model Financial Statements – Private sector NFPO – Part III of the CPA Canada Handbook - Accounting
Auteur : Ordre des comptables professionnels agréés du Québec
Last update: August 2019
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 2018 edition of these financial statements takes account of the standards in Part III, issued in December 2010, as well as the Handbook updates issued up to July 31, 2019. These model financial statements only reflect the changes that are applicable for fiscal years beginning on or after January 1, 2019.
Update – August 2019
The August 2019 update includes the following amendments.
General comments on the independent auditor’s report, Comments on the independent auditor's report and Independent auditor's report were updated to take into account the requirements in the CPA Canada Handbook – Assurance, Post-Auditor Reporting.
Examples A, B and C and Additional Examples of Notes and Financial Statement Presentation
- Updated to reflect the new accounting standards in Sections 4433, 4434 and 4441 regarding tangible capital assets, intangible assets and collections.
- “Financial instruments – Financial risks”: Some notes were streamlined.
- All references were revised to reflect the new standards in the above-mentioned sections and to retain only those relating to presentation and disclosures.
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
- 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 and is part of the course material for the training activity Syndicats de copropriétaires : comptabilisation et conseils pratiques (available in French only).
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