Section PS 4220 - Contributions receivable
Effective date: |
January 1, 2012 |
Published by the PSAB: |
December 2010 |
Overview
This Section establishes standards for the recognition and disclosure of contributions receivable by not-for-profit organizations. A contribution receivable should be recognized as an asset when it meets the following criteria:
- the amount to be received can be reasonably estimated; and
- ultimate collection is reasonably assured.
History of Section PS 4220
Date |
Development |
Comments |
December 2010 |
New Section |
This new Section is part of the new accounting standards for government not-for-profit organizations establishing recognition, measurement and disclosure standards. Sections 4200 to 4270 are effective only for government not-for-profit organizations that elect to follow the standards for not-for-profit organizations in the CPA Canada Public Sector Accounting Handbook and are effective for fiscal periods beginning on or after January 1, 2012. |
Note: The above summary does not include details of consequential amendments made as the result of other projects.