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Section 4441 - Collections 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. Retrospective application of Section 4441 is required.

Pub­lished by the AcSB:

March 2018


This new Section (which replaces Collections Held by Not-For-Profit Organizations, Section 4440) requires all collections to be recorded on the statement of financial position at either cost or nominal value.

Section 4441 includes the following additional guidance:

  • How to determine the cost of collections, including contributed items of a collection.
  • Record an item or an entire collection at nominal value when the accounting policy is to measure collections at cost and cost cannot be reasonably determined for one or more contributed items or collections.
  • Write down collections recorded at cost to their fair value or replacement cost to reflect partial impairment of the collections whenever events or changes in circumstances indicate that its net carrying value may exceed fair value.
  • Examples describe conditions that may indicate impairment of a collection.
  • How to account for the disposal of items in a collection, including the disposal of items contributed to a collection that are subject to external restrictions.
  • Disclosures regarding the disposal of collection items, the use of the proceeds from disposed items and the partial write-downs of collections are required.

History of Section 4441




March 2018

New Section 4441 issued, replacing Section 4440

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.

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

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