2020

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AcSB Exposure Draft – Combinations – Initial Measurement and Related Disclosures

Jan 15, 2020

On January 15, 2020, the Accounting Standards Board (AcSB) released an Exposure Draft seeking feedback on its proposals to introduce new guidance on the accounting for a combination of not-for-profit organizations. These proposals apply to not-for-profit organizations applying the standards in Parts III of the CPA Canada Handbook – Accounting. Comments are requested by April 14, 2020.

The proposals in this Exposure Draft are as follows:

  • The scope of Section 4449 would include a combination involving two or more NFPOs that are unrelated parties or related parties.
  • The Section would include a set of criteria to determine when a combination is accounted for as a merger or as an acquisition.
  • The Section would include initial and subsequent measurement, presentation and disclosure guidance on how to account for a merger or acquisition.
  • The Section would apply on a prospective basis for combinations occurring on or after January 1, 2022 with early application permitted.

Review the press release and Exposure Draft on the ACSB's website.

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AcSB issues Consultation Paper on Contributions - Revenue Recognition and Related Matters

May 19, 2020

On May 19, 2020, the Accounting Standards Board (AcSB) issued a Consultation Paper to seek input on accounting for contributions and related topics by NFPOs. The Consultation Paper was issued with an extended comment period to provide stakeholders more time to respond in light of COVID-19. The Board will continue to monitor the environment as it evolves. Stakeholders are encouraged to respond by December 15, 2020.

The existing contributions standards of NFPOs were established in 1996. While the standards have remained largely unchanged since that time, research suggests the landscape for many NFPOs has evolved.

Re­view the press re­lease and the Consultation Paper on the AcSB's web­site.

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Comment Deadline Extended – AcSB Consultation Paper, Contributions – Revenue Recognition and Related Maters

Dec 15, 2020

On December 15, 2020, the Accounting Standards Board (AcSB) extended the deadline to submit a comment letter from December 15, 2020 to December 31, 2020 for the Consultation Paper, Contributions – Revenue Recognition and Related Matters.

Review the press release and Consultation Paper on the AcSB's website.

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Comment deadline extended AcSB Exposure Draft, Combinations – Initial Measurement and Related Disclosures

Apr 01, 2020

On April 1, 2020, in light of the evolving uncertainties created by the global COVID-19 crisis and its effects in Canada, the Accounting Standards Board (AcSB) announced that it has extended the deadline to submit a comment letter from April 14 to May 14, 2020.

This is an interim decision and will be discussed in more depth at the April 15, 2020 AcSB meeting.

Review the Exposure Draft on the ACSB's website.

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In Brief – Consultation Paper, Contributions – Revenue Recognition and Related Matters

Jun 08, 2020

On June 8, 2020, the Accounting Standards Board (AcSB) released an overview of the AcSB’s Consultation Paper “Contributions – Revenue Recognition and Related Matters”.

The AcSB is committed to improving accounting standards for NFPOs, recently releasing its Consultation Paper, Contributions – Revenue Recognition and Related Matters. This Paper aims to gather feedback from NFPO stakeholders on the challenges of applying the existing contributions guidance.

Review the In Brief on the AcSB's website.

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New global initiative to develop financial reporting guidance for not-for-profit organizations

Apr 20, 2020

On April 20, 2020, the Accounting Standards Board (AcSB) announced that it is participating in a global initiative to develop non-authoritative financial reporting guidance for not-for-profit organizations (NFPOs) in jurisdictions that, unlike Canada, currently do not have NFPO accounting standards.

This staff’s involvement in this initiative is part of the AcSB’s strategy to contribute to global best practices in accounting standard setting.

Review the article on the AcSB's website.

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