Accounting Standards for Private Sector Not-for-Profit Organizations

Effective Dates – Accounting Standards for Not-for-Profit Organizations

This summary is for information purposes only.

This summary may not include consequential amendments resulting from the issuance of new standards or minor updates to existing standards. For comprehensive details, please refer to the CPA Canada Handbook – Accounting on Knotia.ca.

Pronouncement

Application

Effective for annual periods beginning on or after January 2026:

AcG-21, Accounting for Life Insurance Contracts with Cash Surrender Value

In accordance with the specific requirements in AcG-21

Effective for annual periods beginning on or after January 1, 2024:

AcG-20, Customer’s Accounting for Cloud Computing Arrangements

In accordance with the specific requirements in AcG-20

Effective for annual periods beginning on or after January 1, 2022:

2021 Annual Improvements to:

Section 1501, First-time Adoption by Not-for-Profit Organizations

Retrospective

Section 4449, Combinations by not-for-profit organizations

Prospective

Amendments to Section 3400, Revenue

In accordance with specific requirements in Section 3400

Amendments to Section 3400, Revenue, pertaining to upfront non-refundable fees or payments deferred to January 2025

Retrospective

Effective for annual periods beginning on or after January 1, 2019:

Section 4433, Tangible capital assets held by not-for-profit organizations

In accordance with specific requirements in Section 4433

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

In accordance with specific requirements in Section 4434

Section 4441, Collections held by not-for-profit organizations

In accordance with specific requirements in Section 4441

Effective for annual periods beginning on or after January 1, 2016:

Amendments to Section 4450, Reporting Controlled and Related Entities by Not-for-Profit Organizations re:

definition of proportionate consolidation

Retrospective