This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice ( for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.


AcSB Exposure Draft – Accounting Standards Improvements for Not-for-Profit Organizations

Feb 01, 2017

On February 1, 2017, the Accounting Standards Board (AcSB) issued an Exposure Draft proposing to revise and replace Section 4431, Tangible Capital Assets held by Not-for-Profit Organizations, Section 4432, Intangible Assets held by Not-for-Profit Organizations, and Section 4440, Collections held by Not-for-Profit Organizations. Stakeholders are encouraged to submit their comments by May 31, 2017.

The AcSB proposes that new Sections 4433, 4434 and 4441 be based on existing Sections 4431, 4432 and 4440 with proposed revisions resulting from its accounting standards improvements program.

Review the Exposure Draft on the AcSB's website.

FYI Article – Change Is Coming to Accounting Standards for Not-for-Profit Organizations

Feb 17, 2017

On February 17, 2017, the Accounting Standards Board (AcSB) released an article that outlines the AcSB’s Exposure Draft “Accounting Standards Improvements for Not-for-Profit Organizations.” The Exposure Draft is open for comment until May 31, 2017.

The proposals relate to tangible capital assets, intangible assets, works of art, historical treasures and similar items not part of a collection, and collections held by NFPOs.

Who Will the Proposals Affect?

All NFPOs in the private sector that own tangible capital assets, intangible assets or collections may be affected. For example:

  • all tangible capital assets, intangible assets, and collections need to be assessed and, if impaired, written down to reflect the decline in their value;
  • all collections need to be recorded on the statement of financial position at cost or at nominal value; and
  • NFPOs must now consider the guidance on componentization in Section 3061, Property, Plant and Equipment.

Review the article on the AcSB's website.

New Online Platform – Understanding International Not-for-Profit Reporting

Oct 04, 2017

On October 4, 2017, the Accounting Standards Board (AcSB) issued a press release on the publically-accessible online platform that hosts national guidance on not-for-profit financial reporting was released last week by the Chartered Institute of Public Finance and Accountancy (CIPFA).

This new platform will help countries learn from one another to develop high-quality not-for-profit standards and help to improve understanding of different financial reporting methods for not-for-profit organizations around the world. It brings together information on national guidance in one place.

The platform was developed for the International Forum of Accounting Standard Setters (IFASS) Not-for-Profit Working Group, of which the AcSB is a member.

Review the press release on the AcSB's website and the new platform on the CIPFA's website.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.