ASNPO standards effective in 2021 and beyond | Deloitte CFR

ASNPO

The following standards have been issued or amended on or after January 1, 2021:

Title Description Effective Date
Section 4433 - Tangible capital assets held by not-for-profit organizations This Section provides guidance on contributed assets and write-downs of assets. Effective January 1, 2021. The amendments are effective for fiscal years beginning on or after January 1, 2022. Earlier application continues to be permitted.
Section 4449 - Combinations by Not-for-Profit Organizations This Section provides the accounting requirements for the recognition, initial measurement and disclosure of a combination by not-for-profit organizations. Applies prospectively to annual financial statements relating to fiscal years beginning on or after January 1, 2022. Earlier application is permitted.
Section 4460 - Disclosure of related party transactions by not-for-profit organizations This Section establishes disclosure standards for related party transactions in the financial statements of not-for-profit organizations. The measurement of related party transactions is not dealt with in this Section. Effective January 1, 2012. The amendments are effective for fiscal years beginning on or after January 1, 2021. Earlier application continues to be permitted.
Section 3032 - Inventories held by not-for-profit organizations This Section prescribes the accounting treatment for inventories of a not-for-profit organization. Effective January 1, 2021. The amendments are effective for fiscal years beginning on or after January 1, 2022. Earlier application continues to be permitted.
Section 1501 - First-time adoption by not-for-profit organizations Section 1501, First Time Adoption by Not-for-Profit Organizations, provides guidance on preparing the first set of financial statements under Part III of the Handbook - Accounting Standards for Not-For-Profit Organizations (ASNPO). Effective January 1, 2021. The amendments are effective for annual financial statements relating to fiscal years beginning on or after January 1, 2022. Earlier application is permitted.

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.