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Accounting Standards Improvements for NFPOs - AcSB

Date recorded:

At its meeting on September 20-21, 2017, the AcSB approved the issuance of the following new standards, subject to final drafting and a written ballot:

  • Section 4433, to replace Section 4431, Tangible Capital Assets Held by Not-for-Profit Organizations;
  • Section 4434, to replace Section 4432, Intangible Assets Held by Not-for-Profit Organizations; and
  • Section 4441, to replace Section 4440, Collections Held by Not-for-Profit Organizations.

The Board decided to:

  • clarify the guidance on identifying and measuring impairment in Sections 4433 and 4434;
  • modify Section 4441 to allow an NFPO that has multiple collections and elects to measure collections at cost to measure some collections at a nominal amount when cost cannot be reasonably determined for such collections; and
  • clarify that when an NFPO has integrated assets, it may assess impairment of those assets under Sections 4433 and 4434 on the combined group of integrated assets and not at the individual asset level.

The Board considered all of the feedback received and agreed that, other than drafting improvements, no other changes to the Exposure Draft proposals are required.

The Board expects to issue the final standards in the second quarter of 2018. The amendments will be effective for fiscal years beginning on or after January 1, 2019, with earlier application permitted.

Review the Executive Summary on the AcSB's Web site.

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