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2019

AcSB Exposure Draft – Revenue

May 01, 2019

On May 1, 2019, the Accounting Standards Board (AcSB) released an Exposure Draft that proposes to amend Section 3400, Revenue. The amendments will provide additional guidance on how to apply certain requirements in Section 3400. Comments are requested by July 31, 2019.

These amendments would also apply to not-for-profit organizations using the standards in Part III of the Handbook, as relevant.

Some of the proposals in the Exposure Draft include:

  • Additional guidance on the application of the principles will be provided in the following areas:
    • percentage of completion method;
    • multiple-element arrangements;
    • reporting revenue gross or net;
    • bill and hold arrangements; and
    • upfront non-refundable fees/payments.
  • An enterprise would be required to disclose information about the method used to measure the degree of completion of contracts accounted for using the percentage of completion method. In addition, an enterprise would be required to disclose the aggregate amount of costs incurred and profits recognized.

The proposed effective date of the amendments would be for fiscal years beginning on or after January 1, 2021, with earlier application permitted.

Review the press release and Exposure Draft on the AcSB's website.

At-a-glance – Employee Future Benefits

Apr 29, 2019

On April 29, 2019, the Accounting Standards Board (AcSB) released an article on the key points noted in a letter the AcSB wrote to the Canadian Institute of Actuaries to communicate its intent to reduce diversity arising in practice.

The AcSB considered an issue at its December 2018 meeting that stakeholders raised about the use of the funding valuation in measuring the defined benefit obligation in relation to Ontario’s Provision for Adverse Deviations. The AcSB decided not to undertake any standard-setting action, but rather communicate its intent.

The AcSB approved a new project to clarify its intent regarding the use of the funding valuation in measuring the defined benefit obligation in relation to Quebec’s Stabilization Provision. The AcSB plans to issue an exposure draft no later than the third quarter of 2019 in response to stakeholder feedback about diversity arising in practice on accounting for changes in pension legislation.

Review the press release and article on the AcSB's website.

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