This course introduces board members of Canadian not-for-profit organizations to the financial statements prepared under the Accounting Standards for Not-for-Profit Organizations (ASNFPO), with a focus on the knowledge and questions needed to fulfill their financial oversight responsibilities. Using a realistic case study and practical examples drawn from actual NFP financial statements, participants develop the ability to read and interpret all four financial statements, assess financial health, and engage meaningfully with auditors and management.

• Board members and directors of Canadian not-for-profit organizations
• CPAs whose practice is in IFRS or ASPE who are transitioning to NFP board or oversight roles
• Senior managers of NFPs seeking to strengthen their board's financial literacy
• Professionals in the charitable or public sector who work with NFP financial statements

By the end of this course, participants should be able to:

• Identify the four financial statements of a Canadian NFP and explain what each one is designed to communicate
• Distinguish between the three categories of net assets and explain why unrestricted reserves — not total net assets — are the key measure of financial health
• Interpret an audit opinion, read a management letter, and describe the board's right to meet with the auditor in camera
• Read interim financial statements, identify variances that warrant board attention, and request the information needed to assess financial performance
• Apply a structured set of governance questions to a realistic NFP financial scenario

Topics include:

• The ASNFPO framework and how it differs from for-profit standards
• Statement of Financial Position: net asset categories, deferred contributions, operating reserves
• Statement of Operations: contribution types and revenue recognition
• Fund accounting, Statement of Changes in Net Assets, and Statement of Cash Flows
• Notes on financial statements: what to read first
• Understanding the audit: opinion types, management letters, and in-camera meetings
• Assessing financial health: liquidity, sustainability, and mission alignment
• Reading interim financial statements: budget vs. actuals, variances, and forecasts
• Case study: applying all concepts to a realistic NFP scenario
• Red flags by statement

Course Content Created: June 2026

Presenter

About This Product

On-Demand Courses by CPA PRO are either video recordings from live seminars, or video recordings produced specifically for the on-demand audience. Where available, accompanying materials such as handouts or course notes are included.On-demand courses are eligible for verifiable CPD hours upon successful completion, and a certificate will be made available for download for your records.

Note that some courses comprise both formal instruction and self-directed exercises. In such cases, participants must complete both components to claim full CPD hours, or must reduce their reported CPD hours accordingly.

Please note that not all on-demand courses include downloadable materials such as course notes or slides.

How to get started

After completing your purchase, go to mylms.bccpa.ca. Log in using your CPABC Online Services credentials. Click Go to Your Courses and Materials to access your Learning Center. Select your course title to begin.

Note: It would be useful for attendees to have the financial statements of their own NPO open and readable during the course so they can see how the presentation looks on their financial statements.