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ARTICLE · 28 MARCH 2025

Not All Financial Reporting Requirements Are Equal: A Tale Of Two Statutes

Miller Thomson
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Spring is typically a busy season for many not-for-profit organizations ("NFPs") that have fiscal periods ending in December or March.

CanadaAccounting and Audit
Daniel Szeto
Daniel Szeto
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Spring is typically a busy season for many not-for-profit organizations ("NFPs") that have fiscal periods ending in December or March. This is the time when organizations close their financial books, finalize year-end financial statements, and prepare financial reports for members and other stakeholders.

NFPs must also consider the legal requirements when fulfilling their annual financial reporting obligations. These requirements may depend on different factors, such as an NFP's governing statute, the nature and amount of funding it receives, and its contractual commitments.

This article reviews the financial reporting obligations, from a legal perspective, for two popular forms of NFPs in Canada:

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