Financial Reporting Information Notes

Canadian colleges and universities will be adopting a new basis of accounting for fiscal years beginning on or after January 1, 2012. Depending on their provincial jurisdiction and control structure, institutions will be preparing their financial statements using

(1) Part III of the CICA Handbook – Accounting Standards for Not for Profit Organizations,

(2) Public Sector Accounting Standards with the Section 4200 series,

(3) Public Sector Accounting Standards without the Section 4200 series, or

(4) in accordance with Part II of the CICA Handbook – Accounting Standards for Private Enterprises.

These financial reporting information notes assess the impact of adoption of PSA and ASPE standards by Canadian institutions.

FRIN01: Financial Instruments (November 2011)
(Note:  PSAB has initiated further consultations on this subject; the Note will be amended as required based on the outcome of those consultations.)

FRIN02: Employee Future Benefits (January 2012)

FRIN03: Endowments (March 2012)

FRIN04: Restricted Contributions (March 2012)

FRIN05: Capital Asset Valuation (February 2012)

FRIN06: Expenses by Function (February 2012)

FRIN07: Related Entities (March 2012)

FRIN08: Financial Reporting Models Including the Net Debt Model (April 2012)