ACCOUNTING STANDARD FOR NOT-FOR-PROFIT ORGANIZATIONS

Size: px
Start display at page:

Download "ACCOUNTING STANDARD FOR NOT-FOR-PROFIT ORGANIZATIONS"

Transcription

1 ACCOUNTING STANDARD FOR NOT-FOR-PROFIT ORGANIZATIONS Presented by: Usman Tahir Farooqi, ACA Director, Advisory Services Anjum Asim Shahid Rahman February 06, 2015 ICAP House, Lahore

2 The time has come for all evangelists to practice full financial disclosure. The world is watching how we walk and how we talk. We must have the highest standards of morality, ethics and integrity if we are to continue to have influence. (Billy Graham) 2

3 Table of Contents Introduction and ground 04 Brief on Standard Development Process 07 General Framework 08 Specific Framework 15 Inventories 16 Tangible and Intangible Assets 18 Strategic Investments 21 Contribution 22 Fund Accounting 26 Related Party Transactions 31 3

4 Introduction and ground NPOs are organizations: Formed for non-profit purposes Without transferable ownership interest, may earn profit Financial dispositions promote entity s objectives NPOs may include: Charities / Foundations Welfare organizations Professional and trade associations Institutions 4

5 Introduction and ground Need for replacement of existing ICAP guideline for NPOs (2009 version) by a focused standard outlining bare minimum requirements to report financial information by an NPO especially for areas which are not dealt with in primary source. It is applicable on NPOs that are registered under section 42 of the Companies Ordinance, 1984; however, others will have a recommended framework in place for adoption. A four tier arrangement for NPOs is under consideration for adoption to determine applicable/primary financial reporting framework 5

6 Introduction and ground Size Annual Revenue Framework Large Sized More than Rs.500 million IFRS (IASB) Medium Sized Between Rs.100 million and Rs. 500 M IFRS for SMEs (IASB) Small Sized Not in any other category AFRS for SSEs (ICAP) Micro Less than Rs.10 million (Not registered under the CO, 1984) Cash receipt and disbursement basis Adoption of a superior set of standards is not restrained. NPO to be classified for two consecutive years accordingly In case of a conflict situation, primary reporting Framework shall prevail. 6

7 Standard Development Process Accounting Standards Committee (ASC/Committee) has representation of all stakeholders Formation of sub committee to review existing guideline and global standards Finalization of draft for review by ASC Approved draft was exposed to solicit comments from members This session is for education and awareness of PCP members Submission of draft to SECP for notification. 7

8 General Framework The proposed Standard for NPO follows the same conceptual framework as IRFSs, FRS-MSE and AFRS-SSE. An NPO follows the same rules of accounting as those required for all entities. The definitions of assets and liabilities are the same and the not-for-profit organization must also follow accrual accounting except in case noncorporate Micro NPOs. The revenue recognition criteria are the same as those of profit-oriented enterprises except that contributions to a not-for-profit organization are considered revenue. 8

9 General Framework Objective of financial statements Contents of financial statements Characteristics of financial statements Financial statements assertions 9

10 General Framework Objectives of FS Fair presentation of financial results to provide information to the users of financial statements for decision making The objective is achieved through: Specific contents Qualitative characteristics (materiality, substance over form, completeness and timeliness in addition to relevance, reliability, understandability and comparability) Underlying Assumptions Going concern Accrual basis 10

11 General Framework Contents of FS Statement of financial position Statement of income and expenditure Statement of changes in net assets Statement of cash flows Notes to the accounts 11

12 General Framework Contents of FS Statement of financial position Description of assets and liabilities similar to profit oriented entities No shareholders equity and the difference of assets and liabilities is shown as net assets or fund balance May present assets / liabilities using fund accounting Statement of income and expenditure Reflects net income / surplus similar to profit oriented entities May classify expenses by: Nature (Salaries, rent, utilities etc. Functions (administrative, research) Programs (education, health) May present activities using fund accounting 12

13 General Framework Contents of FS Statement of changes in net assets Total net assets represents the organization s residual interest in its assets after deducting its liabilities. The statement of changes in net assets replaces the statement of changes in retained earnings and the statement of changes in equity that is prepared by a profit-oriented entity. Statement of cash flows The statement of cash flows is the same as that shown for profit-oriented entities. Cash from financing activities would include contributions that are endowments or are restricted for the purchase of capital assets as well as to redeem debt financing. 13

14 General Framework Qualitative characteristics Understandability Relevance Timeliness Materiality Reliability Substance over form Completeness Comparability 14

15 Specific Framework Only applicable for NPOs No requirement in primary sources and other reporting frameworks Specific accounting and disclosure requirements: Inventories Tangible/intangible assets Strategic investments Contribution Fund accounting Related party transactions 15

16 Inventories An NPO is not required to record materials or services that are donated to it. An NPO can only recognize materials or services if: Fair value can be reasonably estimated Materials/services are used in the normal course of the organization s operations and would otherwise have been purchased (6.15). If the NPO records the inventory, it measures it at fair value at the date of the contribution Inventories held for distribution at no charge / nominal charge are recognized at lower of cost and replacement cost 16

17 Inventories Examples An NPO has received inventory item as donation. The original cost of that item is Rs.10,000 and the current market price is Rs.120,000 The NPO intends to distribute the above item free of cost. The carrying value is Rs. 9,000 and current purchase price is Rs.8,000 An NPO regularly receives services of various volunteers to run its business 17

18 Tangible Capital and Intangible Assets NPOs follow the same criteria as profit-oriented companies with respect to the recognition and measurement of tangible capital assets and intangibles; Capitalized at cost and then depreciated /amortized over their useful life, In the case of land or an intangible that has a infinite life, at cost If the capital asset is contributed, or if the organization purchases the asset at an amount significantly below fair value, cost is considered to be the fair value at the date of the contribution. If in the rare circumstance that the fair value cannot be determined, the capital asset is recorded at a nominal value. 18

19 Tangible Capital and Intangible Assets If micro entity s average annual revenues for the current and preceding period are less than Rs. 10 million, it is not required to capitalize and depreciate its capital assets (Section 8.1). These Micro NPOs may be more interested in cash flows, and as such, they are allowed to immediately expense these costs, or to capitalize these assets and not depreciate them. If the NPO subsequently has revenues more than Rs. 10 million, it must begin to capitalize and depreciate assets going forward. If the revenues then fall below Rs. 10 million again, the organization still continues to capitalize and depreciate assets. The exemption is lost forever and is no longer available to it. 19

20 Tangible Capital and Intangible Assets Collections are defined as works of art and historical treasures that have cultural, aesthetic, or historical value that is worth preserving perpetually. The difficult aspect in presenting these collections is valuation. These items are usually received as a contribution and as such the organization does not have the benefit of an arm s length transaction to determine fair value. Standard for NPOs allows a not-for-profit organization not to record any cost for these collections. The organization decides whether the benefit to be derived from the fair value outweighs the cost to determine the fair value (10.4). 20

21 Section 4: Strategic Investments The NPO is required to follow the IRFSs, IFRS-SME, AFRS-SSE with respect to the accounting and reporting its strategic investments. NPOs may invest in profit-oriented entities, other not-for-profit entities, or may have other economic interests. The proposed Accounting Standard for NPOs defines an economic interest as an organization: that holds resources that must be used to produce revenue or provide services for the reporting organization, or for whose liabilities the reporting organization is responsible (11.1). there is a presumption that control exists if the organization has the right to appoint the majority of the other entity s board of directors. 21

22 Contributions Contributions are revenue from primary sources (donations / grants), may be in the form of cash or in kind Recognized as revenue or deferred grant, examples include: An NPO has received donation of Rs.10 million from an international donor with no restrictions. The amount is placed in a bank and profit of Rs.500,000 was earned during the year An NPO has received donation of Rs.10 million from an international donor which has to be spent in 3 years A motor vehicle has been donated to an NPO for flood relief work 22

23 Contributions A contribution receivable should be recognized as an asset if it meets both of the following two criteria: The amount to be received can be reasonably estimated. Ultimate collection is reasonably assured. There are two methods to account for contributions: the deferral method or the restricted fund method. Using the deferral method of accounting, expenses are recorded in the period in which they occur and restricted contributions are then brought into income to match against those expenses. If the expenses will only be incurred in a future period, the contribution is shown as a deferred liability until such point as the expenses are incurred. 23

24 Contributions Externally restricted resources would be presented as deferred contributions. Internally restricted resources are determined by the entity, for instance an amount to be invested in capital assets, and the contribution is deferred to offset against the related asset. This is sometimes referred to as an appropriation. 24

25 Contributions Restricted Fund Method Under the restricted fund method, the organization classifies its restricted operations by fund and recognizes the contributions immediately as revenue of that particular fund. When using the restricted fund method, the organization will have at least a general fund, which is composed of non-restricted contributions, and an endowment fund. Any other funds that it uses must be restricted by an external source, e.g. capital assets fund. It is up to the not-for-profit organization to decide how many restricted funds it wants to report. Any restricted funds that do not have a separate fund are reported using the deferral method through the general fund. 25

26 Section : Fund Accounting Funds Unrestricted funds Restricted funds Endowment fund General fund External restrictions Internal restrictions 26

27 Fund Accounting A not-for-profit organization may choose to disaggregate, or separate, its assets and liabilities by the activity that they belong to and/or to disaggregate the operating activities by the nature of the activity. One way to clearly reflect the results of various different activities is to keep each activity in a separate fund. This is just like to setting up multiple different sets of statements, one set for each activity. Each fund would then be added together to present the overall financial statements of the organization. When all the funds are added together, the inter-fund transfers are in effect eliminated as they are inter-entity. The inter-fund transfers are not considered revenue or expenses of the entity and as such are reflected only in the statement of changes in net assets. 27

28 Restricted Fund A restricted fund is a segregation of funds that are externally or internally restricted for a particular purpose. This restriction may be imposed externally by the donors, by the legal requirements of the not-for-profit organization, or by the creditors. Alternatively, the not-for-profit organization can internally restrict contributions for the purpose that it deems appropriate (also called designated funds). This restriction usually requires the approval of the board of directors or governing body. 28

29 Endowment Fund An endowment fund is a type of restricted fund where, even though funds are collected, the principal is not allowed to be spent. The not-for-profit organization is only permitted to use the growth in the funds for selected purposes. Many not-for-profit organizations may have a great deal of assets but they are cash poor. This may be a result of the endowment funds not earning a sufficient return to manage operations. Endowment funds can be the best way to ensure the long-term viability of the notfor-profit organization. As the endowment grows, the annual allocation to income will also increase (the organization must determine the best possible way to maximize the return on those investments and limit the risk of loss or cash shortage). 29

30 Capital Asset Fund A capital asset fund is another type of restricted fund, which is used for the acquisition and maintenance of capital assets. The above are types of funds that any given not-for-profit organization may select. The NPO is not required to disaggregate based on these funds nor is it restricted to only these types of funds. It is up to the not-for-profit organization to determine the best way to convey information to the user. 30

31 Related party transactions Identified as related parties based on relevant accounting framework Similar considerations for control, joint control and significant influence Economic interest Entity holds resources for the benefit of other entity Entity responsible for the liabilities of other entity An NPO has obtained a long term financing from a bank. XYZ (which is also a minor donor of the NPO), has provided an unconditional guarantee to the bank for the above loan 31

32 Conclusion Private not-for-profit organizations are required to follow proposed standard for NPOs, and it must also adopt IFRSs, FRS-ME or FRS-SE (as applicable) for all issues not covered in proposed standard for NPOs. All not-for-profit organizations should apply similar accounting treatments to like transactions when the needs of the users are aligned. Revenue recognition criteria mirror those of profit-oriented entities except for contributions. A not-for-profit organization may disaggregate its financial statements into funds based on its legal, contractual, or voluntary actions. 32

33 End of Presentation Thank you 33

ACCOUNTING STANDARD NOT-FOR-PROFIT ORGANIZATIONS

ACCOUNTING STANDARD NOT-FOR-PROFIT ORGANIZATIONS ACCOUNTING STANDARD NOT-FOR-PROFIT ORGANIZATIONS Table of contents Accounting framework Scope General concepts Specific requirements Practical illustrations Accounting framework IFRS IFRS for SMEs AFRS

More information

NOT-FOR-PROFIT ORGANIZATIONS: NEW DIRECTIONS

NOT-FOR-PROFIT ORGANIZATIONS: NEW DIRECTIONS DECEMBER 2010 WWW.BDO.CA ASSURANCE AND ACCOUNTING NOT-FOR-PROFIT ORGANIZATIONS: NEW DIRECTIONS In December 2010, the Accounting Standards Board (AcSB) and the Public Sector Accounting Board (PSAB) each

More information

Halton Women's Place Financial Statements For the year ended March 31, 2014

Halton Women's Place Financial Statements For the year ended March 31, 2014 Financial Statements For the year ended March 31, 2014 Contents Page Independent Auditors' Report Financial Statements Statement of Financial Position 1 Statement of Changes in Net Assets 2 Statement of

More information

The Application of International Accounting Standards in the Financial Statements of Tearfund Partners

The Application of International Accounting Standards in the Financial Statements of Tearfund Partners The Application of International Accounting Standards in the Financial Statements of Tearfund Partners Context: International Accounting Standards (IAS) have been developed primarily to bring consistency

More information

INTERNATIONAL ACCOUNTING STANDARDS. CIE Guidance for teachers of. 7110 Principles of Accounts and. 0452 Accounting

INTERNATIONAL ACCOUNTING STANDARDS. CIE Guidance for teachers of. 7110 Principles of Accounts and. 0452 Accounting www.xtremepapers.com INTERNATIONAL ACCOUNTING STANDARDS CIE Guidance for teachers of 7110 Principles of Accounts and 0452 Accounting 1 CONTENTS Introduction...3 Use of this document... 3 Users of financial

More information

Statement of Principles

Statement of Principles Statement of Principles Improvements to Not-for-Profit Standards (Applicable to Private and Public Sector Not-for-Profit Organizations that Use the Not-for-Profit Standards as their Primary Source of GAAP)

More information

WIPRO DOHA LLC FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED MARCH 31, 2016

WIPRO DOHA LLC FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED MARCH 31, 2016 WIPRO DOHA LLC FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED MARCH 31, 2016 WIPRO DOHA LLC BALANCE SHEET (Amount in ` except share and per share data, unless otherwise stated) As at March 31, 2016

More information

Annual Accounts for the period

Annual Accounts for the period Annual Accounts for the period Period start date To Period end date Charity Name Charity No (if any) Section A Statement of financial activities Descriptions by natural category Note Unrestricted funds

More information

ASNPO AT A GLANCE Contributions

ASNPO AT A GLANCE Contributions ASNPO AT A GLANCE Contributions March 2013 Contributions 1 Effective Date Fiscal years beginning on or after January 1, 2012 SCOPE Applies to: Contributions, related investment income and contributions

More information

EXPLANATORY NOTES. 1. Summary of accounting policies

EXPLANATORY NOTES. 1. Summary of accounting policies 1. Summary of accounting policies Reporting Entity Taranaki Regional Council is a regional local authority governed by the Local Government Act 2002. The Taranaki Regional Council group (TRC) consists

More information

The Wood s Homes Foundation. Financial Statements December 31, 2014

The Wood s Homes Foundation. Financial Statements December 31, 2014 Financial Statements April 22, 2015 Independent Auditor s Report To the Board of Directors of Wood s Homes Foundation We have audited the accompanying financial statements of Wood s Homes Foundation, which

More information

Financial reporting by not-for-profit entities in New Zealand Your questions answered. May 2015

Financial reporting by not-for-profit entities in New Zealand Your questions answered. May 2015 Financial reporting by not-for-profit entities in New Zealand Your questions answered May 2015 Introduction An overhaul of New Zealand s financial reporting legislation was completed in 2013 with the issue

More information

Financial Statements of. Canadian Cancer Society, Saskatchewan Division. Year ended January 31, 2015

Financial Statements of. Canadian Cancer Society, Saskatchewan Division. Year ended January 31, 2015 Financial Statements of Canadian Cancer Society, Saskatchewan Division Independent Auditor s report To the Board of Directors of the Canadian Cancer Society, Saskatchewan Division We have audited the accompanying

More information

FINANCIAL STATEMENTS. For the Years Ended March 31, 2014 and 2013 with Independent Auditors Report

FINANCIAL STATEMENTS. For the Years Ended March 31, 2014 and 2013 with Independent Auditors Report FINANCIAL STATEMENTS For the Years Ended with Independent Auditors Report FINANCIAL STATEMENTS CONTENTS Page Independent Auditors Report... 1-2 Financial Statements: Statements of Financial Position...3

More information

IAS 38 Intangible Assets

IAS 38 Intangible Assets 2012 Technical Summary IAS 38 Intangible Assets as issued at 1 January 2012. Includes IFRSs with an effective date after 1 January 2012 but not the IFRSs they will replace. This extract has been prepared

More information

Charities Accounting Standard Accounting Template Explanatory Notes

Charities Accounting Standard Accounting Template Explanatory Notes Charities Accounting Standard Accounting Template Explanatory Notes Introduction Purpose of Accounting Template The Accounting Template is designed to help smaller charities prepare and present financial

More information

Consolidated Financial Statements of THE CANADIAN RED CROSS SOCIETY

Consolidated Financial Statements of THE CANADIAN RED CROSS SOCIETY Consolidated Financial Statements of THE CANADIAN RED CROSS SOCIETY March 31, 2013 and 2012 Deloitte LLP 800-100 Queen Street Ottawa, ON K1P 5T8 Canada Tel: (613) 236 2442 Fax: (613) 236 2195 www.deloitte.ca

More information

Centre for Addiction and Mental Health. Financial Statements March 31, 2014

Centre for Addiction and Mental Health. Financial Statements March 31, 2014 Centre for Addiction and Mental Health Financial Statements June 4, Independent Auditor s Report To the Trustees of Centre for Addiction and Mental Health We have audited the accompanying financial statements

More information

JAMES A. MICHENER ART MUSEUM

JAMES A. MICHENER ART MUSEUM FINANCIAL STATEMENTS YEAR ENDED DECEMBER 31, 2010 CONTENTS INDEPENDENT AUDITOR'S REPORT 1 FINANCIAL STATEMENTS Statement of Financial Position 2 Statement of Activities 3 Statement of Functional Expenses

More information

Sample Financial Statements from PPC Preparing Nonprofit Financial Statements

Sample Financial Statements from PPC Preparing Nonprofit Financial Statements (ACCOUNTANT S LETTERHEAD) INDEPENDENT ACCOUNTANT S REPORT (REVIEW) To the Board of Directors Habitat House, Inc. City, State We have reviewed the accompanying statements of financial position of Habitat

More information

Residual carrying amounts and expected useful lives are reviewed at each reporting date and adjusted if necessary.

Residual carrying amounts and expected useful lives are reviewed at each reporting date and adjusted if necessary. 87 Accounting Policies Intangible assets a) Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of identifiable net assets and liabilities of the acquired company

More information

Humane Organization for the Prevention of Euthanasia. H.O.P.E for Animals, Inc. dba HOPE Low Cost Spay/Neuter Clinic. Fort Wayne, Indiana

Humane Organization for the Prevention of Euthanasia. H.O.P.E for Animals, Inc. dba HOPE Low Cost Spay/Neuter Clinic. Fort Wayne, Indiana Humane Organization for the Prevention of Euthanasia H.O.P.E for Animals, Inc. dba HOPE Low Cost Spay/Neuter Clinic Fort Wayne, Indiana Financial Statements As of December 31, 2010 H.O.P.E. for Animals,

More information

Financial Statements of WORLD VISION CANADA. Year ended September 30, 2011

Financial Statements of WORLD VISION CANADA. Year ended September 30, 2011 Financial Statements of WORLD VISION CANADA Financial Statements Independent Auditors' Report Financial Statements Statement of Financial Position... 1 Statement of Revenue and Expenditures... 2 Statement

More information

BIRD STUDIES CANADA/ ÉTUDES D OISEAUX CANADA

BIRD STUDIES CANADA/ ÉTUDES D OISEAUX CANADA Financial Statements of BIRD STUDIES CANADA/ ÉTUDES D OISEAUX CANADA KPMG LLP Telephone 519-747-8800 115 King Street South Fax 519-747-8830 2 nd Floor Internet www.kpmg.ca Waterloo ON N2J 5A3 INDEPENDENT

More information

Examinable Documents 2013 and June 2014

Examinable Documents 2013 and June 2014 Examinable Documents 2013 and June 2014 FINANCIAL REPORTING The examinable documents below are applicable to the International and UK papers as indicated at the start of each table Knowledge of new examinable

More information

Consolidated Financial Statements of

Consolidated Financial Statements of Consolidated Financial Statements of KPMG LLP Telephone (613) 212-KPMG Chartered Accountants Fax (613) 212-2896 Suite 2000 Internet www.kpmg.ca 160 Elgin Street Ottawa, ON K2P 2P8 Canada INDEPENDENT AUDITORS

More information

CANADAHELPS CANADON FINANCIAL STATEMENTS YEAR ENDED JUNE 30, 2014

CANADAHELPS CANADON FINANCIAL STATEMENTS YEAR ENDED JUNE 30, 2014 FINANCIAL STATEMENTS Independent Auditor's Report Page 1 Statement of Financial Position 2 Statement of Operations 3 Statement of Changes in Net Assets 4 Statement of Cash Flows 5 Notes to the Financial

More information

IFRS IN PRACTICE. IAS 7 Statement of Cash Flows

IFRS IN PRACTICE. IAS 7 Statement of Cash Flows IFRS IN PRACTICE IAS 7 Statement of Cash Flows 2 IFRS IN PRACTICE - IAS 7 STATEMENT OF CASH FLOWS TABLE OF CONTENTS 1. Introduction 3 2. Definition of cash and cash equivalents 4 2.1. Demand deposits 4

More information

ACCOUNTING GLOSSARY. Charities/IPCs should retain relevant documents to support their valuation.

ACCOUNTING GLOSSARY. Charities/IPCs should retain relevant documents to support their valuation. ACCOUNTING GLOSSARY S/N Accounting Terms Explanations INCOME 1. Donations Gifts to Charities/Approved Institution of A Public Character (hereinafter referred to as IPCs) comprise donations in cash and

More information

Accruals Accounts Completion Notes

Accruals Accounts Completion Notes Accruals Accounts Completion Notes Section 1 Introduction These guidance notes reflect the requirements for accounting periods ending on or after 1 April 2009. Please refer to our reporting thresholds

More information

NEWSONG COMMUNITY CHURCH OF ORANGE COUNTY

NEWSONG COMMUNITY CHURCH OF ORANGE COUNTY NEWSONG COMMUNITY CHURCH OF ORANGE COUNTY Financial Statements With Accountants' Review Report August 31, 2012 NEWSONG COMMUNITY CHURCH OF ORANGE COUNTY Table of Contents Accountants' Review Report 1 Financial

More information

MAKE-A-WISH FOUNDATION OF MASSACHUSETTS AND RHODE ISLAND, INC. Financial Statements. August 31, 2014. (With Independent Auditors Report Thereon)

MAKE-A-WISH FOUNDATION OF MASSACHUSETTS AND RHODE ISLAND, INC. Financial Statements. August 31, 2014. (With Independent Auditors Report Thereon) MAKE-A-WISH FOUNDATION OF MASSACHUSETTS Financial Statements (With Independent Auditors Report Thereon) Table of Contents Page Independent Auditors Report 1 Statement of Financial Position 3 Statement

More information

THE OPEN HEARTH ASSOCIATION, INC. Report on Audit of Financial Statements. December 31, 2011

THE OPEN HEARTH ASSOCIATION, INC. Report on Audit of Financial Statements. December 31, 2011 Report on Audit of Financial Statements December 31, 2011 CONTENTS Independent Auditors Report 1-2 Statements of Financial Position December 31, 2011 and 2010 3 Statements of Activities for the Years Ended

More information

Foundation for Canadian Parks and Wilderness

Foundation for Canadian Parks and Wilderness Foundation for Canadian Parks and Wilderness Financial Statements For the years ended March 31, 2008 and 2007 Financial Statements For the years ended March 31, 2008 and 2007 Contents Auditors' Report

More information

International Accounting Standard 1 Presentation of Financial Statements

International Accounting Standard 1 Presentation of Financial Statements IAS 1 Presentation of Financial Statements International Accounting Standard 1 Presentation of Financial Statements Objective 1 This Standard prescribes the basis for presentation of general purpose financial

More information

How To Account For Property, Plant And Equipment

How To Account For Property, Plant And Equipment International Accounting Standard 16 Property, Plant and Equipment Objective 1 The objective of this Standard is to prescribe the accounting treatment for property, plant and equipment so that users of

More information

THE ASSOCIATES OF THE UNIVERSITY OF TORONTO, INC. FINANCIAL STATEMENTS

THE ASSOCIATES OF THE UNIVERSITY OF TORONTO, INC. FINANCIAL STATEMENTS THE ASSOCIATES OF THE UNIVERSITY OF TORONTO, INC. FINANCIAL STATEMENTS CONTENTS PAGE Independent Auditors' Report 1 Financial Statements Statements of Financial Position 2 Statements of Activities 3 Statements

More information

BENEVOLENT HEALTHCARE FOUNDATION DBA PROJECT C.U.R.E. FINANCIAL STATEMENTS MAY 31, 2014

BENEVOLENT HEALTHCARE FOUNDATION DBA PROJECT C.U.R.E. FINANCIAL STATEMENTS MAY 31, 2014 BENEVOLENT HEALTHCARE FOUNDATION DBA PROJECT C.U.R.E. FINANCIAL STATEMENTS MAY 31, 2014 C O N T E N T S Independent Auditors Report 2-3 Statements of Financial Position 4 Statements of Activities 5 Statements

More information

How To Audit A Community Care Organization

How To Audit A Community Care Organization Financial Statements August 31, 2013 Table of Contents Page Independent Auditors' Report 1 Statement of Operations 3 Statement of Changes in Net Assets 4 Statement of Financial Position 5 Statement of

More information

CORO SOUTHERN CALIFORNIA, INC. (A NONPROFIT ORGANIZATION) FINANCIAL STATEMENTS JUNE 30, 2015

CORO SOUTHERN CALIFORNIA, INC. (A NONPROFIT ORGANIZATION) FINANCIAL STATEMENTS JUNE 30, 2015 FINANCIAL STATEMENTS CONTENTS Page INDEPENDENT AUDITOR'S REPORT 1-2 STATEMENT OF FINANCIAL POSITION 3 STATEMENT OF ACTIVITIES AND CHANGES IN NET ASSETS 4 STATEMENT OF FUNCTIONAL EXPENSES 5 STATEMENT OF

More information

Accounting and reporting by charities EXPOSURE DRAFT

Accounting and reporting by charities EXPOSURE DRAFT 10. Balance sheet Introduction 10.1. All charities preparing accruals accounts must prepare a balance sheet at the end of each reporting period which gives a true and fair view of their financial position.

More information

MULTNOMAH BIBLE COLLEGE AND SEMINARY INDEPENDENT AUDITOR S REPORT AND FINANCIAL STATEMENTS

MULTNOMAH BIBLE COLLEGE AND SEMINARY INDEPENDENT AUDITOR S REPORT AND FINANCIAL STATEMENTS MULTNOMAH BIBLE COLLEGE AND SEMINARY INDEPENDENT AUDITOR S REPORT AND FINANCIAL STATEMENTS JUNE 30, 2007 AND 2006 CONTENTS PAGE INDEPENDENT AUDITOR S REPORT 1 FINANCIAL STATEMENTS Statements of financial

More information

Not-for-profit entity requirements in Australian Accounting Standards (Updated December 2008)

Not-for-profit entity requirements in Australian Accounting Standards (Updated December 2008) Not-for-profit entity requirements in Australian Accounting Standards This document identifies requirements in Australian Accounting Standards that relate specifically to not-for-profit (NFP) entities.

More information

DALLAS MISSION FOR LIFE d.b.a. DALLAS LIFE

DALLAS MISSION FOR LIFE d.b.a. DALLAS LIFE FINANCIAL STATEMENTS With Independent Auditors Report Table of Contents Independent Auditors Report 1 Financial Statements Statement of Financial Position 3 Statement of Activities 4 Statement of Cash

More information

ACCOUNTING POLICY 1.1 FINANCIAL REPORTING. Policy Statement. Definitions. Area covered. This Policy is University-wide.

ACCOUNTING POLICY 1.1 FINANCIAL REPORTING. Policy Statement. Definitions. Area covered. This Policy is University-wide. POLICY Area covered ACCOUNTING POLICY This Policy is University-wide Approval date 5 May 2016 Policy Statement Intent Scope Effective date 5 May 2016 Next review date 5 May 2019 To establish decisions,

More information

Holland Bloorview Kids Rehabilitation Hospital. Financial Statements March 31, 2015

Holland Bloorview Kids Rehabilitation Hospital. Financial Statements March 31, 2015 Holland Bloorview Kids Rehabilitation Hospital Financial Statements June 8, 2015 Independent Auditor s Report To the Members of Holland Bloorview Kids Rehabilitation Hospital We have audited the accompanying

More information

Non-SLG Not-for-Profit Organizations: SFAS 116 and 117 Approach. Chapter 16

Non-SLG Not-for-Profit Organizations: SFAS 116 and 117 Approach. Chapter 16 Non-SLG Not-for-Profit Organizations: SFAS 116 and 117 Approach Chapter 16 Learning Objectives Understand the sources of GAAP for nongovernment not-for-profit organizations Explain basis of accounting

More information

SENECA COLLEGE OF APPLIED ARTS AND TECHNOLOGY

SENECA COLLEGE OF APPLIED ARTS AND TECHNOLOGY Consolidated Financial Statements of SENECA COLLEGE OF APPLIED ARTS AND TECHNOLOGY KPMG LLP Telephone (416) 228-7000 Chartered Accountants Fax (416) 228-7123 Yonge Corporate Centre Internet www.kpmg.ca

More information

METROPOLITAN COMMUNITY CHURCH OF TORONTO FINANCIAL STATEMENTS DECEMBER 31, 2013

METROPOLITAN COMMUNITY CHURCH OF TORONTO FINANCIAL STATEMENTS DECEMBER 31, 2013 FINANCIAL STATEMENTS CONTENTS Page INDEPENDENT AUDITOR'S REPORT 1-2 FINANCIAL STATEMENTS Statement of Financial Position 3 Statement of Operations 4 Statement of Changes in Net Assets 5 Statement of Cash

More information

WISHES & MORE AUDITED FINANCIAL STATEMENTS DECEMBER 31, 2014

WISHES & MORE AUDITED FINANCIAL STATEMENTS DECEMBER 31, 2014 AUDITED FINANCIAL STATEMENTS DECEMBER 31, 2014 SCHLENNER WENNER & CO. Certified Public Accountants & Business Consultants TABLE OF CONTENTS Independent Auditors' Report... 1 Statements of Financial Position...

More information

Financial Statements. Canadian Baptist Ministries December 31, 2014

Financial Statements. Canadian Baptist Ministries December 31, 2014 Financial Statements Canadian Baptist Ministries INDEPENDENT AUDITORS' REPORT To the Members of Canadian Baptist Ministries We have audited the accompanying financial statements of Canadian Baptist Ministries,

More information

International Accounting Standard 20 Accounting for Government Grants and Disclosure of Government Assistance 1

International Accounting Standard 20 Accounting for Government Grants and Disclosure of Government Assistance 1 International Accounting Standard 20 Accounting for Government Grants and Disclosure of Government Assistance 1 Scope 1 This Standard shall be applied in accounting for, and in the disclosure of, government

More information

IPSAS 2 CASH FLOW STATEMENTS

IPSAS 2 CASH FLOW STATEMENTS IPSAS 2 CASH FLOW STATEMENTS Acknowledgment This International Public Sector Accounting Standard (IPSAS) is drawn primarily from International Accounting Standard (IAS) 7, Cash Flow Statements published

More information

Investments and advances... 313,669

Investments and advances... 313,669 Consolidated Financial Statements of the Company The consolidated balance sheet, statement of income, and statement of equity of the Company are as follows. Please note the Company s consolidated financial

More information

Transitional Living Centers of Oklahoma, Inc. Financial Statements and Independent Auditor s Report. December 31, 2014 and 2013

Transitional Living Centers of Oklahoma, Inc. Financial Statements and Independent Auditor s Report. December 31, 2014 and 2013 Financial Statements and Independent Auditor s Report December 31, 2014 and 2013 Table of Contents PAGE Independent Auditor s Report... 3 Financial Statements Statements of Financial Position... 4 Statements

More information

Texas Department of Assistive and Rehabilitative Services (538) - Unaudited

Texas Department of Assistive and Rehabilitative Services (538) - Unaudited Note 1: Summary of Significant Accounting Policies Entity The Texas Department of Assistive and Rehabilitative Services ( DARS ) is an agency of the State of Texas and its financial records comply with

More information

4. Statement of financial activities

4. Statement of financial activities 4. Statement of financial activities Introduction 4.1. All charities preparing their accounts on an accruals basis to give a true and fair view of their financial activities and financial position must

More information

New Standards on Subsidiaries and Joint Arrangements

New Standards on Subsidiaries and Joint Arrangements New Standards on Subsidiaries and Joint Arrangements May 2015 Flash In September 2014, the Canadian Accounting Standards Board (AcSB) issued into Part II of the CPA Canada Handbook Accounting, Accounting

More information

STATEMENT OF COMPLIANCE AND BASIS OF MEASUREMENT

STATEMENT OF COMPLIANCE AND BASIS OF MEASUREMENT Accounting policies REPORTING ENTITY The Waikato Regional Council is a territorial local authority governed by the Local Government Act 2002, and is domiciled in New Zealand. The main purpose of prospective

More information

ST. MARTIN'S EPISCOPAL CHURCH

ST. MARTIN'S EPISCOPAL CHURCH ST. MARTIN'S EPISCOPAL CHURCH FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT FOR THE YEARS ENDED DECEMBER 31,2010 (AUDITED) AND DECEMB:ER 31, 2009 (REVIEWED) CONTENTS Page INDEPENDENT AUDITORS'

More information

Consolidated financial statements

Consolidated financial statements Summary of significant accounting policies Basis of preparation DSM s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted

More information

AMERICA CAN! CARS FOR KIDS

AMERICA CAN! CARS FOR KIDS ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED AUGUST 31, 2014 C O N T E N T S Page INDEPENDENT AUDITOR S REPORT... 1 FINANCIAL STATEMENTS Statement of Financial Position... 3 Statement of Activities... 4

More information

IPSAS 23 REVENUE FROM NON-EXCHANGE TRANSACTIONS (TAXES AND TRANSFERS)

IPSAS 23 REVENUE FROM NON-EXCHANGE TRANSACTIONS (TAXES AND TRANSFERS) IPSAS 23 REVENUE FROM NON-EXCHANGE TRANSACTIONS CONTENTS December 2006 Paragraph Introduction... IN1 IN5 Objective... 1 Scope... 2 6 Definitions... 7 28 Non-Exchange Transactions... 8 11 Revenue... 12

More information

The Examiner's Answers F1 - Financial Operations May 2013

The Examiner's Answers F1 - Financial Operations May 2013 The Examiner's Answers F1 - Financial Operations May 2013 Some of the answers that follow are fuller and more comprehensive than would be expected from a wellprepared candidate. They have been written

More information

The Town of Fort Frances POLICY SECTION ACCOUNTING FOR TANGIBLE CAPITAL ASSETS. ADMINISTRATION AND FINANCE NEW: May 2009 1. PURPOSE: 2.

The Town of Fort Frances POLICY SECTION ACCOUNTING FOR TANGIBLE CAPITAL ASSETS. ADMINISTRATION AND FINANCE NEW: May 2009 1. PURPOSE: 2. The Town of Fort Frances ACCOUNTING FOR TANGIBLE CAPITAL ASSETS SECTION ADMINISTRATION AND FINANCE NEW: May 2009 REVISED: POLICY Resolution Number: 05/09 Consent 156 Policy Number: 1.18 PAGE 1 of 11 Supercedes

More information

Presentation of Financial Statements

Presentation of Financial Statements AASB Standard AASB 101 July 2015 Presentation of Financial Statements Obtaining a copy of this Accounting Standard This Standard is available on the AASB website: www.aasb.gov.au. Australian Accounting

More information

The statements are presented in pounds sterling and have been prepared under IFRS using the historical cost convention.

The statements are presented in pounds sterling and have been prepared under IFRS using the historical cost convention. Note 1 to the financial information Basis of accounting ITE Group Plc is a UK listed company and together with its subsidiary operations is hereafter referred to as the Company. The Company is required

More information

The Nature of Accounting Systems

The Nature of Accounting Systems Basic Accounting & Budgeting February 4, 2009 The Nature of Accounting Systems Accounting is the process of recording, classifying, summarizing, reporting and interpreting information about the economic

More information

Celebration Church of Jacksonville, Inc.

Celebration Church of Jacksonville, Inc. Financial Statements and Independent Auditor s Report Contents Page Independent Auditor s Report...3 Financial Statements Statement of Financial Position...4 Statement of Activities...5 Statement of Cash

More information

Accounting developments

Accounting developments Flash Accounting developments New standards for business combinations and non-controlling interests In January 2009, the Accounting Standards Board (AcSB) of the Canadian Institute of Chartered Accountants

More information

Financial Accounting (F3/FFA) February 2014 to August 2015

Financial Accounting (F3/FFA) February 2014 to August 2015 Financial Accounting (F3/FFA) February 2014 to August 2015 This syllabus and study guide are designed to help with teaching and learning and is intended to provide detailed information on what could be

More information

Singapore Financial Reporting Standards. Pocket Guide 2008 edition

Singapore Financial Reporting Standards. Pocket Guide 2008 edition Singapore Financial Reporting Standards Pocket Guide 2008 edition Singapore Financial Reporting Standards Pocket guide 2008 This pocket guide provides a summary of the recognition and measurement requirements

More information

Financial Statements of

Financial Statements of Financial Statements of For the year ended March 31, 2015 KPMG LLP Chartered Accountants Telephone (604) 854-2200 32575 Simon Avenue Fax (604) 853-2756 Abbotsford BC V2T 4W6 Internet www.kpmg.ca Canada

More information

HELPING HAND FOR RELIEF AND DEVELOPMENT, INC.

HELPING HAND FOR RELIEF AND DEVELOPMENT, INC. HELPING HAND FOR RELIEF AND DEVELOPMENT, INC. CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED DECEMBER 31, 2013 Contents Page No. Independent Auditors Report... 1 Consolidated Statement of Financial Position...

More information

The Children's Museum of Memphis, Inc. Financial Statements June 30, 2015 and 2014

The Children's Museum of Memphis, Inc. Financial Statements June 30, 2015 and 2014 The Children's Museum of Memphis, Inc. Financial Statements June 30, 2015 and 2014 Table of Contents June 30, 2015 and 2014 Page Independent Auditor s Report... 3 Financial Statements Statements of Financial

More information

Sample Financial Policies

Sample Financial Policies This document includes examples of one organization s (disguised as ABC) financial policies related to gift acceptance, expenditures, disbursements and investments. The samples may help other organizations

More information

Property, Plant and Equipment

Property, Plant and Equipment STATUTORY BOARD FINANCIAL REPORTING STANDARD SB-FRS 16 Property, Plant and Equipment SB-FRS 16 Property, Plant and Equipment applies to Statutory Boards for annual periods beginning on or after 1 January

More information

IFRS for SMEs IFRS Swiss GAAP FER

IFRS for SMEs IFRS Swiss GAAP FER IFRS for SMEs IFRS Swiss GAAP FER Similarities and differences 2009 Edition IFRS for SMEs IFRS Swiss GAAP FER Similarities and differences 2009 Edition This PricewaterhouseCoopers publication is for those

More information

Guelph Chamber of Commerce Financial Statements For the Year Ended June 30, 2015

Guelph Chamber of Commerce Financial Statements For the Year Ended June 30, 2015 Financial Statements For the Year Ended June 30, 2015 Financial Statements For the Year Ended June 30, 2015 Contents Independent Auditor's Report 1 Financial Statements Statement of Financial Position

More information

UNIVERSITY OF DENVER (COLORADO SEMINARY) Financial Statements and OMB A-133 Single Audit Reports. June 30, 2015 and 2014

UNIVERSITY OF DENVER (COLORADO SEMINARY) Financial Statements and OMB A-133 Single Audit Reports. June 30, 2015 and 2014 Financial Statements and OMB A-133 Single Audit Reports June 30, 2015 and 2014 (With Independent Auditors Report Thereon) Table of Contents Independent Auditors Report 1 Financial Statements Statement

More information

ALAMO COLLEGES FOUNDATION, INC. (A Texas nonprofit Foundation) AUDITED FINANCIAL STATEMENTS. Year Ended December 31, 2012

ALAMO COLLEGES FOUNDATION, INC. (A Texas nonprofit Foundation) AUDITED FINANCIAL STATEMENTS. Year Ended December 31, 2012 R. D. Harrison, CPA Certified Public Accountant Member American Institute of Certified Public Accountants Registered with the Public Company Accounting Oversight Board ALAMO COLLEGES FOUNDATION, INC. AUDITED

More information

Glossary of Accounting Terms Peter Baskerville

Glossary of Accounting Terms Peter Baskerville Glossary of Accounting Terms Peter Baskerville Account for or 'bring to account': An accounting phrase used to describe the recording of a financial transaction that is required under the generally accepted

More information

CHAPTER II GENERAL LEDGER ACCOUNTS

CHAPTER II GENERAL LEDGER ACCOUNTS CHAPTER II GENERAL LEDGER ACCOUNTS A general ledger is basic to an accounting system. The General Ledger of a fund is a summary record containing the balance of assets, liabilities, deferred revenues,

More information

THE UNIVERSITY OF SOUTHERN MISSISSIPPI FOUNDATION. Consolidated Financial Statements. June 30, 2011 and 2010

THE UNIVERSITY OF SOUTHERN MISSISSIPPI FOUNDATION. Consolidated Financial Statements. June 30, 2011 and 2010 Consolidated Financial Statements (With Independent Auditors Report Thereon) KPMG LLP Suite 1100 One Jackson Place 188 East Capitol Street Jackson, MS 39201-2127 Independent Auditors' Report The Board

More information

i) Question Type The following are guidelines on the type of questions and their approximate weightings:

i) Question Type The following are guidelines on the type of questions and their approximate weightings: Purpose Financial Accounting: Assets [FA2] Examination Blueprint 2014/2015 The Financial Accounting: Assets [FA2] examination has been constructed using an examination blueprint. The blueprint, also referred

More information

SAMPLE AUDITOR S OPINION LETTER

SAMPLE AUDITOR S OPINION LETTER SAMPLE AUDITOR S OPINION LETTER INDEPENDENT AUDITORS REPORT To the Board of Directors XYZ Organization Washington, D.C. We have audited the accompanying statement of financial position of XYZ Organization

More information

BOB WOODRUFF FAMILY FOUNDATION, INC. FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 2014 AND 2013

BOB WOODRUFF FAMILY FOUNDATION, INC. FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 2014 AND 2013 FINANCIAL STATEMENTS YEARS ENDED TABLE OF CONTENTS YEARS ENDED INDEPENDENT AUDITORS REPORT 1 FINANCIAL STATEMENTS STATEMENTS OF FINANCIAL POSITION 2 STATEMENTS OF ACTIVITIES 3 STATEMENT OF FUNCTIONAL EXPENSE

More information

ATLANTA COMMUNITY FOOD BANK, INC.

ATLANTA COMMUNITY FOOD BANK, INC. FINANCIAL STATEMENTS FOR THE YEAR ENDED TABLE OF CONTENTS INDEPENDENT AUDITORS REPORT 1 FINANCIAL STATEMENTS Statements of Financial Position 3 Statement of Activities 5 Statement of Functional Expenses

More information

CONSOLIDATED STATEMENT OF INCOME

CONSOLIDATED STATEMENT OF INCOME CONSOLIDATED STATEMENT OF INCOME 4 th quarter (a) 3 rd quarter 4 th quarter 2009 Sales 40,157 40,180 36,228 Excise taxes (4,397) (4,952) (4,933) Revenues from sales 35,760 35,228 31,295 Purchases, net

More information

Orange County s United Way

Orange County s United Way Financial Statements Years Ended June 30, 2015 and 2014 The report accompanying these financial statements was issued by BDO USA, LLP, a Delaware limited liability partnership and the U.S. member of BDO

More information

(c) Are insurance contracts monetary items? (paragraphs 13-14)

(c) Are insurance contracts monetary items? (paragraphs 13-14) IASB/FASB Meeting June 2010 week beginning 14 June IASB agenda reference FASB memo reference 2D 50D Project Topic Insurance Contracts Foreign currency cash flows Purpose of this paper 1. This paper deals

More information

1. Parent company accounting policies

1. Parent company accounting policies Financial Statements Notes to the parent company financial statements 1. Parent company accounting policies Basis of preparation The separate financial statements of the Company are presented as required

More information

Financial Statements. Evangelical Lutheran Church in Canada December 31, 2014

Financial Statements. Evangelical Lutheran Church in Canada December 31, 2014 Financial Statements Evangelical Lutheran Church in Canada INDEPENDENT AUDITORS REPORT To the National Church Council of the Evangelical Lutheran Church in Canada We have audited the accompanying financial

More information

L G P (Developments) Limited. Unaudited Abbreviated Accounts. for the Year Ended 30 April 2015

L G P (Developments) Limited. Unaudited Abbreviated Accounts. for the Year Ended 30 April 2015 L G P (DEVELOPMENTS) LIMITED Financial Accounts 2015-04-30 Registration number: 06205919 Unaudited Abbreviated Accounts for the Year Ended 30 April 2015 C V Ross & Co Limited Accountants and Tax Consultants

More information

The Colleges of the Seneca Financial Statements May 31, 2007 and 2006

The Colleges of the Seneca Financial Statements May 31, 2007 and 2006 Financial Statements PricewaterhouseCoopers LLP 1100 Bausch & Lomb Place Rochester NY 14604-2705 Telephone (585) 232 4000 Facsimile (585) 454 6594 Report of Independent Auditors To the Board of Trustees

More information

MEMBERS' HANDBOOK PART V ACCOUNTING THE INSTITUTE OF CHARTERED ACCOUNTANTS OF PAKISTAN

MEMBERS' HANDBOOK PART V ACCOUNTING THE INSTITUTE OF CHARTERED ACCOUNTANTS OF PAKISTAN MEMBERS' HANDBOOK PART V ACCOUNTING THE INSTITUTE OF CHARTERED ACCOUNTANTS OF PAKISTAN MEMBERS HANDBOOK INDEX PART V ACCOUNTING CONTENTS SECTION A SECTION B SECTION C STATEMENTS OF STANDARD ACCOUNTING

More information

Minnesota Council of Nonprofits, Inc. Consolidated Financial Statements Years Ended December 31, 2013 and 2012 (With Independent Auditor's Report

Minnesota Council of Nonprofits, Inc. Consolidated Financial Statements Years Ended December 31, 2013 and 2012 (With Independent Auditor's Report Consolidated Financial Statements Years Ended December 31, 2013 and 2012 (With Independent Auditor's Report Thereon) MINNESOTA COUNCIL OF NONPROFITS INDEPENDENT AUDITOR S REPORT... 3 FINANCIAL STATEMENTS

More information

FIRST UNITED METHODIST CHURCH OF FORT WORTH

FIRST UNITED METHODIST CHURCH OF FORT WORTH FIRST UNITED METHODIST CHURCH OF FORT WORTH Fort Worth, Texas Consolidated Financial Statements Years Ended December 31, 2012 and 2011 Consolidated Financial Statements Years Ended December 31, 2012 and

More information

CIMA Managerial Level Paper F2 FINANCIAL MANAGEMENT (REVISION SUMMARIES)

CIMA Managerial Level Paper F2 FINANCIAL MANAGEMENT (REVISION SUMMARIES) CIMA Managerial Level Paper F2 FINANCIAL MANAGEMENT (REVISION SUMMARIES) Chapter Title Page number 1 The regulatory framework 3 2 What is a group 9 3 Group accounts the statement of financial position

More information

Financial Statements. The National Ballet of Canada, Endowment Foundation. June 30, 2014

Financial Statements. The National Ballet of Canada, Endowment Foundation. June 30, 2014 Financial Statements The National Ballet of Canada, Endowment Foundation June 30, 2014 Contents Page Independent Auditor s Report 1-2 Statement of Financial Position 3 Statement of Operations and Changes

More information