Accounting for Not-For-Profit Organizations

Accounting for Not-For-Profit Organizations

  • Not-for-profit organizations (NPO’s) are entities, normally without transferable ownership interests, organized and operated exclusively for social, educational, professional, religious, health, charitable or any other not-for-profit purpose. A not-for-profit organization’s members, contributors and other resource providers do not, in such capacity, receive any financial return directly from the organization.
  • A NPO has the option to use IFRS (Part I of the handbook) or Accounting Standards for Not-for-Profit Organizations (Part III of the handbook)
  • If the NPO chooses to use Part III (ASNPO) they follow the standards under Part III, and where Part III does not address a certain topic, then use Accounting Standards for Profit Entities (ASPE)

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