AcSB issues Consultation Paper on Contributions - Revenue Recognition and Related Matters
May 19, 2020
On May 19, 2020, the Accounting Standards Board (AcSB) issued a Consultation Paper to seek input on accounting for contributions and related topics by NFPOs. The Consultation Paper was issued with an extended comment period to provide stakeholders more time to respond in light of COVID-19. The Board will continue to monitor the environment as it evolves. Stakeholders are encouraged to respond by December 15, 2020.
The existing contributions standards of NFPOs were established in 1996. While the standards have remained largely unchanged since that time, research suggests the landscape for many NFPOs has evolved.
Review the press release and the Consultation Paper on the AcSB's website.
