The Impact of New Accounting Standards on Canada's GNPOs

July 1, 2012 | ERICA TEKLITS, BDO

Accounting standards for all not-for-profit organizations in Canada with fiscal years beginning on or after January 1, 2012 have now changed. If they haven't already done so, management, boards of directors and audit committees of private and government not-for-profits need to make certain decisions now to prepare for this transition. For some organizations, the impact of the changing standards will be minimal. For others, such as many of Canada's hospitals and publicly funded colleges, these decisions could be particularly complex and have widespread consequences throughout the organization.