Contributions – Revenue Recognition and Related Matters – AcSB

Date recorded:

At its meeting on January 19-20, 2022, the AcSB finished discussing stakeholders’ feedback on the Consultation Paper. The Board considered feedback from stakeholders and from its Not-for-Profit Advisory Committee on the topic of special types of contributions, including capital asset contributions, endowments, contributed materials and services, and bequests. The Consultation Paper included the following topics: pledges; capital asset recognition exemption; recognition of revenue from contributions; fund accounting; presentation of net assets; disclosure of restricted cash; and special types of contributions. The AcSB also discussed next steps for the project. Based on the feedback, the Board decided to move forward with a project that explores the approach proposed in the Consultation Paper that recognizes revenue from contributions based on the type of contribution and its characteristics. The Board will discuss a project proposal for developing an exposure draft at its meeting in March 2022.

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

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