Accounting Standards for Private Sector Not-for-Profit Organizations

Effective Dates for New Standards

This summary of recently issued pronouncements has been prepared for information purposes only. Consequential amendments to existing standards resulting from the issuance of new standards and less significant changes to existing standards are not included below. For more details, see the CPA Canada Handbook – Accounting.

Pronouncement	Application
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