Contributions – Revenue Recognition and Related Matters – AcSB

Date recorded:

At its meeting on January 26, 2023, the AcSB discussed the results of a fatal flaw review of the Exposure Draft completed by members of its Not-for-Profit Advisory Committee and provided feedback on a revised draft. The Board discussed some wording changes to clarify: (i) that an external restriction must be explicitly communicated between the contributor and the organization before or at the time the contribution is made; (ii) that the recognition guidance should be applied to each individual pledge for the recognition of pledges; and (iii) the proposed disclosure requirement related to availability of financial assets to meet an organization’s requirements related to restricted contributions. The AcSB gave permission to begin the balloting process. The Board will discuss an outreach and communications plan at its meeting in February 2023 and plans to issue the Exposure Draft in March 2023. 

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

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