ASNPO standards — Recently issued or amended | Deloitte CFR
Title | Description | Effective Date |
---|---|---|
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. |
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 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 4434 - Intangible assets held by not-for-profit organizations | This Section provides guidance on contributed assets and write-downs of assets. | Effective for annual financial statements relating to fiscal years beginning on or after January 1, 2019. Earlier application is permitted. |
Section 4441 - Collections held by not-for-profit organizations | This Section requires all collections to be recorded on the statement of financial position at either cost or nominal value. | Effective for annual financial statements relating to fiscal years beginning on or after January 1, 2019. Earlier application is permitted. Retrospective application of Section 4441 is required. |
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. |