At its meeting on June 22, 2021, Not-for-Profit Advisory Committee discussed the stakeholder feedback received on the Consultation Paper, “Contributions – Revenue Recognition and Related Matters,” about revenue recognition and fund accounting presentation.

With regards to revenue recognition, the Committee advised the AcSB:

1. further guidance in the standard and illustrative examples would help clarify whether a contribution is externally restricted; and
2. when determining when to recognize a contribution as revenue, the characteristics identified in the Consultation Paper are relevant.

With regards to fund accounting presentation, the Committee advised the AcSB that further guidance in the standard would help clarify when and how to apply fund accounting presentation. The AcSB will consider the Committee’s comments at the Board meeting on July 21-22, 2021.

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