At its meeting on June 21-22, 2023, the AcSB discussed feedback from its Private Enterprise Advisory Committee and Not-for-Profit Advisory Committee on concerns raised with Section 3400, Revenue related to accounting for upfront non-refundable fees or payments. The Board decided to issue an exposure draft to indefinitely defer the effective date of these amendments, with early application permitted, until the project on Evaluating the Preface is complete. The Board also decided to propose a new disclosure requirement in this exposure draft for entities recognizing upfront non-refundable fees or payments in revenue entirely up front. The Board expects to issue an exposure draft in October 2023 with a minimum 90-day comment period.

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

At its meeting on June 21-22, 2023, the AcSB provided feedback on a draft exposure draft that would provide guidance on accounting for insurance contracts with cash surrender value. The Board tentatively decided to provide guidance in an accounting guideline. The proposed guideline would: (i) require recognition of cash surrender value as an asset measured at the cash surrender amount; (ii) require recognition of the annual change in cash surrender amount and policy premiums on a net basis where a net debit is reported as expense and a net credit is reported as income; and (iii) establish disclosure requirements to ensure decision-useful information is provided. The AcSB gave permission to begin the balloting process. The Board plans to issue the exposure draft in October 2023 with a minimum 90-day comment period.

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