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Location: Toronto
In July 2020, the Accounting Standards Board (AcSB) released an executive summary of discussions and decisions with respect to the topics addressed at this meeting.
The following topics were discussed:
Standards for Not-for-Profit Organizations
Review the Executive Summary on the AcSB's Web site.
At its meeting on July 15, 2020, the AcSB deliberated stakeholder feedback on its Exposure Draft The Board re-affirmed that each combination needs to be evaluated with criteria to determine if the combination should be accounted for as a merger or acquisition. In addition, the Board tentatively decided to: (i) provide clarity to distinguish a combination of not-for-profit organizations (NFPOs) from the acquisition of assets; (ii) direct NFPOs to the guidance for measuring liabilities when a for-profit enterprise is contributed to an NFPO; (iii) revise its criterion that a reduction in client communities of only one of the combining organizations indicates an acquisition; and (iv) revise the illustrative examples in the standard to better demonstrate the criteria distinguishing a merger from an acquisition. The AcSB will seek the advice of its Not-for-Profit Advisory Committee at its July 2020 meeting and will continue its deliberations in September 2020.
At its meeting on July 15, 2020, the AcSB deliberated stakeholder feedback on its Exposure Draft The Board re-affirmed that each combination needs to be evaluated with criteria to determine if the combination should be accounted for as a merger or acquisition. In addition, the Board tentatively decided to:
The AcSB will seek the advice of its Not-for-Profit Advisory Committee at its July 2020 meeting and will continue its deliberations in September 2020.
Review the Executive Summary on the AcSB's Web site.