Accounting Standards Improvements for NFPOs - NFP Advisory Committee

Date recorded:

At its meeting on July 11, 2017, the Committee discussed a summary of the feedback obtained on each question in the Exposure Draft, “Accounting Standards Improvements for Not-for-Profit Organizations”. The Committee provided the following input on the more significant issues that were raised:

  1. Partial impairments of tangible and intangible assets should not consider future economic benefit as service potential is a more relevant measure;
  2. Impairment guidance may be interpreted in a way that is costly and onerous to apply;
  3. Additional guidance is needed regarding componentization;
  4. NFPOs should be permitted to value each collection differently; and
  5. Additional guidance is needed for accounting for the disposal of collection items.

The Board will consider the feedback received from stakeholders and the input from the Committee at its September meeting.

Review the summary of discussions on the AcSB's Web site.

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