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Additional Guidance with respect to Section 3400 – AcSB

Date recorded:

At its meeting on November 12-13, 2018, the AcSB discussed the approach in developing the proposals to address stakeholders’ concerns over insufficient guidance on accounting for revenue in Section 3400, Revenue. The Board decided that while the proposed guidance will retain the principles-based approach, it will provide explanatory guidance, accompanied by illustrative examples when useful. The Board discussed the proposed guidance for percentage of completion and reporting revenue gross or net. The Board will continue its discussions on the remaining topics at its December 2018 meeting, namely: multiple-element arrangements; upfront non-refundable fees/payments; and bill-and-hold arrangements.

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

Correction list for hyphenation

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