Not-for-Profit Advisory Committee

Responsibilities

The responsibilities of the Committee, acting in its advisory capacity, are to:

• identify and recommend to the AcSB:
  • topics that should be added to accounting standards for NFPOs; and
  • existing content of the standards that should be changed or removed, consistent with meeting the needs of NFPOs and the users of their financial statements;
• develop proposed changes to the standards for approval by the AcSB, after the AcSB agrees to add to or change the standards; and
• provide the AcSB with advice on managing accounting standards for NFPOs (e.g., research of NFPO issues, the timing of changes to standards and the process of communications with interested and affected parties).

Meetings

The Committee normally meets four to six times a year. Meetings are not open to the public. A summary of discussions of each Committee meeting will be made available shortly after each meeting.

Members

The Committee consists of:

• a Chair, who is appointed by the AcSB; and
• 15 to 25 other members with a range of backgrounds and experience, including preparers from public benefit organizations (i.e., charities) and member benefit organizations, users that provide resources to NFPOs, and accounting practitioners involved with not-for-profit organization financial statements.

Members are generally appointed for a three-year term and are eligible for reappointment. Members are expected to have an in-depth knowledge of accounting standards for NFPOs and of their application in practice.