- Keep financial records in accordance with Generally Accepted Accounting Principles (GAAP) where applicable, Canada Revenue Agency requirements..
Background
The purpose of financial records is to provide the information necessary for financial reports. The reports are used by the board to guide and ensure the health of the organization, by staff to monitor operations, and by external parties to assess the stability and management of the organization and how wisely it uses its funds. Good recordkeeping, as the foundation for the organization’s financial management, is essential. For financial records to be clear and credible, they should conform to Generally Accepted Accounting Principles (GAAP) set forth by the Canadian Institute of Chartered Accountants.