We understand the specialized markets in which you operate and provide tailored solutions to meet your unique business needs.
Our comprehensive suite of business services combines industry expertise, market knowledge and professional insights.
MNP is a leading national accounting, tax and business consulting firm in Canada.
Suite 2000, 330 5th Ave. S.W.
Submit an RFP
MNP careers are Different by Design. As an entrepreneurial firm, we truly believe there are no limits to where your career can go.
In March 2018, the Accounting Standards Board (AcSB) issued Section 4441
Collections Held by Not-for-Profit Organizations in Part III (Accounting Standards for Not-for-Profit Organizations) of the CPA Canada Handbook – Accounting. Section 4441 replaces the existing Section 4440
Collections Held by Not-for-Profit Organizations which contained only disclosure standards for collections. The scope of new Section 4441 was expanded to provide guidance on recognition, measurement and disclosure of collections with the objective of increasing the consistency among not-for-profit organizations (NFPOs) for reporting collections held.
The definition of a collection in Section 4441 is unchanged and is defined as works of art, historical treasures or similar assets that are:
When not part of a collection, works of art, historical treasures and similar assets are accounted for based on their intended use, in accordance with the applicable sections of Part III and Part II of the Handbook.
The key concepts of this new Section are:
Recognition and Measurement
Presentation and Disclosure
Section 4441 is effective for annual periods beginning on or after January 1, 2019. Earlier application is permitted. NFPOs apply Section 4441 retrospectively, with the following simplifications to full retrospective application available only in the year Section 4441 is first applied:
These transitional provisions are also available to an NFPO adopting Accounting Standards for Not-for-profit Organizations for the first-time in accordance with Section 1501
First-Time Adoption by Not-for-Profit Organizations.
The Basis for Conclusions that summarizes the AcSB’s key considerations in reaching its conclusions on this project can be accessed
here. The CPA Canada ASNPO Alert on this topic can be accessed
For more information on the financial reporting library, contact a local
MNP Assurance Professional, or
Jody MacKenzie, Director, Assurance Professional Standards.
This communication contains a general overview of the topic and is current as of April 17, 2019. The application of the principles addressed will depend upon the particular facts and circumstances of each individual case. Accordingly, this publication is not a substitute for professional advice and we recommend that any decisions you take about the application or not of any of the information presented be made in consultation with a qualified professional who can address any variance that may be required to reflect your circumstances. Please contact your local MNP representative for customized assistance with the application of this material. MNP LLP accepts no responsibility or liability for any loss related to any person's use of or reliance upon this material. © MNP LLP 2019. All rights reserved
Suite 2000, 330 5th Ave. S.W.
Find an office near me