1.90 What is the effect on the financial statements of the selection that the entity is a NON – PROFIT organisation?
A. The following sections will be affected on selecting that the entity is a NON – PROFIT organisation:
Entry table - Change TEXT repeated numerous times in FS
The sections ‘ENTITY’, ‘BOARD’ and STANDARDS AND LAWS are expanded to warn user that these may need to be updated to be applicable for the particular type of entity
The following sections are skipped
• Board of directors and other officers
• Report of the Board of Directors
• Statement of changes in equity
• Additional information to the Statement of income and expenses
• All references to ‘Dividends’
Statement of profit or loss and other comprehensive income
This is substituted by the ‘Statement of income and expenses’
Statement of financial position
Retained earnings and accumulated losses are renamed to ‘Accumulated surplus/deficit’
Our website uses Cookies
To ensure you get the best experience out of our website we use cookies.
You can also read our
our
and our
