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Contributions – Revenue Recognition and Related Matters – NFP Advisory Committee

Date recorded:

At its meeting on April 8, 2019, the Committee provided input on: (i) the current practice issues; (ii) the need for additional guidance and the various options to account for restricted contributions; (iii) the $500,000 asset-size exemption and presentation; and (iv) disclosure matters. The Committee also discussed the possible questions to include in the consultation paper for the various topics. The AcSB will consider this input in its development of a consultation paper and will discuss at its May 2019 meeting. The staff also updated the Committee on the Financial Statement Concepts project that the Board approved at its March 2019 meeting. The Committee discussed how financial statement concepts are used by NFPOs when accounting for contributions. This feedback, along with input from other sources, will assist the Board in deciding whether to revise the concepts, add application guidance, or keep the concepts unchanged.

Review the summary of discussions on the AcSB's Web site.

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