What Reporting Choices Are Given to Canadian Non-Governmental and Not-For-Profit

question 3

Multiple Choice

What reporting choices are given to Canadian non-governmental and not-for-profit organizations?

• A) They may report under the Accounting Standards for Private Enterprises without modification.
• B) They may report under the Accounting Standards for Private Enterprises modified by the standards found in Part III of the CICA Handbook.
• C) They may report under the International Financial Reporting Standards modified by the standards found in Part III of the CICA Handbook.
• D) They may continue to report in accordance with the Canadian standards for not-for-profit enterprises that existed prior to 2011-2012.

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Definitions:

Averse

Having a strong dislike of or opposition to something.

Younger Sister

A female sibling who is born after another child in the same family.

Elder Sister

A girl or woman who has the same parents as another individual but was born earlier.

False Dilemma

A logical fallacy that presents two options as the only possible choices when in fact more options exist.