Part III - ASNPO

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AcSB releases Annual Plan for 2024 - 2025

Apr 01, 2024

On April 1, 2024, the Accounting Standards Board (AcSB) of Canada released its 2024- 2025 annual plan based on the vision, mission, and strategic objectives set out in its 2022-2027 Strategic Plan. It outlines the activities AcSB plans to undertake in the third year of its five-year Strategic Plan to achieve its primary goals.

AcSB developed a framework in the 2023-2024 fiscal year to respond to interested and affected parties needing additional guidance when applying Parts II and III of the Handbook. The AcSB will focus in 2024-2025 on implementing this framework.

AcSB will review its standards (ASPE & IFRS) to improve their relevance for users and address feedback on scalability and emerging issues. They will collaborate with the Canadian Sustainability Standards Board (CSSB) and the International Accounting Standards Board (IASB) to ensure Canadian perspectives are reflected in international standards. To further engage with stakeholders, they are planning to increase the number of in-person events, fostering meaningful discussions on critical accounting issues.

Access the annual plan on the AcSB’s website.

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AcSB In Brief in respect of its Exposure Draft, Contributions – Revenue Recognition and Related Matters

Apr 06, 2023

On April 6, 2023, the Accounting Standards Board (AcSB) issued an In Brief document which provides a plain and simple overview of the AcSB’s Exposure Draft, “Contributions – Revenue Recognition and Related Matters”.

The Exposure Draft proposals aim to improve financial reporting by not-for-profit organizations by creating guidance that will result in financial statements that are less complex and more comparable for financial statement users.

Re­view the In Brief document on the AcsB’s website.

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AcSB issues Exposure Draft, “Contributions-Revenue Recognition and Related Matters”

Mar 30, 2023

On March 30, 2023, the Accounting Standards Board (AcSB) issued an Exposure Draft entitled “Contributions – Revenue Recognition and Related Matters” to improve financial reporting by Not-for-Profit Organizations (NFPOs) by creating guidance that will result in financial statements that are less complex and more comparable for financial statement users. Comments on the Exposure Draft are due by September 30, 2023.

As a result of this project, the AcSB proposes to issue a new Section 4411, Contributions Received by Not-for-Profit Organizations and to make amendments to Section 4400, Financial Statement Presentation by Not-for-Profit Organizations, in Part III of the CPA Canada Handbook – Accounting.  Proposed Section 4411 will provide not-for-profit organizations with guidance on accounting for contributions and would replace Section 4410, Contributions – Revenue Recognition and Section 4420, Contributions Receivable.

The Exposure Draft includes proposals that:

  • replace the current guidance with a single approach for recognizing revenue from restricted contributions;
  • provide specific guidance on special types of contributions, including contributed materials and services, capital asset contributions, and endowments; and
  • amend the current guidance on financial statement presentation and disclosures by NFPOs.

Re­view the Exposure Draft on AcSB's website.

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