In Canada, public companies and financial institutions (generally)
will be adopting IFRS in 2011. Private companies will have the choice
between IFRS and or local Canadian standards specifically for them. It
has not been announce yet what will happen with “Not-for-profit”
organizations (generally charities), but it seems likely they will
also have a choice between IFRS and local Canadian standards designed
specifically for not-for-profit organizations (essentially the private
company accounting standards with some extras/exceptions).

Can I ask what happens in other countries that are using (or adopting)
IFRS? Do private companies have a choice to adopt IFRS, are there
local accounting standards they can use instead? Same for
Not-for-profits, do you have local accounting standards designed
specifically for not-for-profits?

Thanks
Gord

Gord

In Italy, IFRS are adopted only by quoted companies and therefore
non-for-profit organizations still adopt Italian GAAP.

Considering that most of the sport associations and clubs are not
quoted, they represent a large number of entities exempted by the IFRS
compliance. I found the attached document, unfortunately in Italian,
which explains the legal status and the accounting / fiscal requirements
for non-for-profit organizations.

Usually the accounting is harmonized with the fiscal requirements,
without the application of deferred income taxes, and taxable profit
includes fees and donations from legal entities and individuals, revenue
from real estate properties, revenue and interests from investments in
financial instruments and/or other legal entities, regardless where and
for which purpose have been made, with the only exception of revenue
which are explicitly considered non-taxable.

There are also a number of non-for-profit organizations exempted from
filing a tax return, primarily religious associations recognized by the
Vatican City, but these entities should still keep their bookkeeping in
accordance with Italian GAAP.

Regards

Antonello Dessanti

I confirm that for France it’s also like in Italy.

Stéphane

GordMy understanding is that some uk based not for profit entities have
applied the IFRS body of standards but there is little comparability
between similar entities due to the scope exemption afforded in para 3
of IAS 1 that permits any amount of variation in classification and
presentation of financial statements.
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