At its meeting on May 10, 2022, the PEAC discussed implementation of recent amendments to Section 3400, Revenue, regarding the accounting for upfront non-refundable fees or payments. The Committee discussed stakeholder feedback that the amendments may result in a change to how private member clubs were previously accounting for upfront initiation fees using Part III of the CPA Canada Handbook – Accounting. Committee members highlighted that some private clubs applying Part II of the Handbook could experience a similar change in their accounting for revenue as a result of the amendments.The AcSB will consider the Committee’s feedback at its meeting on May 18, 2022.

Review the meeting notes on the AcSB's Web site.