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ASNPO standards — Recently issued or amended | Deloitte CFR

ASNPO

The following standards were issued or amended in the last twelve months:

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 fiscal years beginning on or after January 1, 2021 and January 1, 2022. 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 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 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.

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.