Section 3032 - Inventories held by not-for-profit organizations
Effective date: |
January 1, 2021 |
Published by the AcSB: |
December 2010 |
Overview
This Section prescribes the accounting treatment for inventories of a not-for-profit organization. Except as otherwise provided for in this Section, a not-for-profit organization applies, Section 3031 Inventories in Part II of the Handbook.
History of Section 3032
Date |
Development |
Comments |
December 2010 |
Part III of the CPA Canada Handbook issued |
Effective for fiscal years beginning on or after January 1, 2012. Earlier application permitted. |
November 2019 |
On the issuance of new Section 3041, Agriculture, to Part II of the Handbook, Section 3032 has been amended to clarify that a not-for-profit organization accounts for agricultural inventories in accordance with Section 3041. This amendment is effective for annual periods beginning on or after January 1, 2021, with earlier application permitted. |
|
August 2020 |
As a result of the impact of the Covid-19 pandemic, the AcSB decided to defer the effective date of the November 2019 amendment to Section 3032 by one year to fiscal years beginning on or after January 1, 2022. Earlier application continues to be permitted. |
Note: The above summary does not include details of consequential amendments made as the result of other projects.
Not-for-Profit Advisory Committee meetings
- November 17, 2016 - Effective date of the proposals
- January 6, 2016 - Accounting Standards Improvements for NFPOs
- January 6, 2016 - Works of Art, Historical Treasures and Similar Items Not Part of a Collection
Amendments under consideration
- None