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.