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Contributions – Revenue Recognition and Related Matters – AcSB

Date recorded:

At its meeting on January 15, 2020, the AcSB considered the feedback from the Not-for-Profit Advisory Committee’s fatal-flaw review of the consultation paper. The discussion focused on the more significant comments raised relating to:

  1. examples of unrestricted contributions;
  2. characteristics of restricted contributions;
  3. recognition of contributed materials and services; and
  4. the definition of an endowment.

The discussion also included AcSB members’ general comments on the latest draft of the consultation paper. The Board approved the issuance of the consultation paper, subject to final drafting changes and a written ballot. Based on stakeholder feedback that a comment period deadline in July 2020 is not preferred, the AcSB decided at its September 17-18, 2019, meeting to delay the issuance of the consultation paper. Therefore, it plans to issue the consultation paper in May 2020,with comments due in September 2020.

Review the Executive Summary on the AcSB's Web site.

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