This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice (http://www2.deloitte.com/ca/en/legal/cookies.html) for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

Section 4434 - Intangible assets held by not-for-profit organizations

Ef­fec­tive date:

Effective for annual financial statements relating to fiscal years beginning on or after January 1, 2019. Earlier application is permitted.

Pub­lished by AcSB:

March 2018

Overview

This new Section (which replaces Intangible Assets Held by Not-For-Profit Organizations, Section 4432) requires the application of Goodwill and Intangible Assets, Section 3064, in Part II of the Handbook for intangible assets held by organizations, and provides guidance on contributed assets and write-downs of assets.

The main changes from Section 4432 are as follows:

  • Intangible assets are written down to fair value or replacement cost to reflect partial impairments when conditions indicate that the assets no longer contribute to an organization's ability to provide goods and services, or that the value of future economic benefits or service potential associated with the intangible assets are less than their net carrying amounts.
  • Examples describe conditions that may indicate impairment of intangible assets.
  • Disclosure requirements in Impairment of Long-lived Assets, Section 3063 in Part II, are required for impairments of intangible assets.

History of Section 4434

Date

Development

Comments

March 2018

New Section 4434 issued, replacing Section 4432

Effective for annual financial statements relating to fiscal years beginning on or after January 1, 2019. Earlier application is 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

  • None

Amendments under consideration

  • None

 

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.