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Directory Results for First-time reporting on financial statements adopting accounting standards for not-for-profit organizations Both private and government not-for-profit organizations NFPOs were required to adopt either Part III or Part I of the CPA Canada to First-time Reporting on Financial Statements Adopting Canadian Accounting Standards for Not-for-Profit Organizations. Have you been engaged to report on a not-for-profit organization (NFPO) 's first set of financial statements prepared in