Charity Governance
What financial statements must a nonprofit corporation under ONCA present to members?
Details on the financial statements required to be presented to the members under ONCA can be found in section 4-5 of the General Regulations under ONCA.
They must be prepared in accordance with the generally accepted accounting principles set out in the CPA Canada Handbook — Accounting or the CPA Canada Public Sector Accounting Handbook, both as amended from time to time; and include,
(i) a statement of financial position or a balance sheet,
(ii) a statement of comprehensive income or a statement of retained earnings,
(iii) a statement of changes in equity or an income statement, and
(iv) a statement of cash flows or a statement of changes in financial position.
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