Basis for Conclusions – Revenue, Section 3400

  • ASPE_AcSB Image

Dec 11, 2019

On December 11, 2019, the Accounting Standards Board (AcSB) released this document which sets out how the AcSB reached its conclusions on the Revenue project, and discussions on significant matters arising from comments received and issues raised in response to its Exposure Draft.

The Basis for Conclusions includes the following:

  • Applicability to not-for-profit organizations
  • Effects analysis
  • Development of the amendments
  • Identifying units of account
  • Multiple-element arrangements
  • Percentage of completion method
  • Upfront non-refundable fees/payments
  • Bill and hold arrangements
  • Reporting revenue gross or net
  • Disclosure
  • Transition
  • Consequential amendments
  • First-time adoption, section 1500, and first-time adoption by Not-for-profit organizations, section 1501 in part iii

The amendments are effective date for fiscal years beginning on or after January 1, 2021.

Review the Basis for Conclusions on the AcSB's website.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.