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Additional Guidance with respect to Section 3400, Revenue [Research]

Next steps:

The Board plans to issue an Exposure Draft in respect of this project in Q2/2019.

Last updated:

November 2018

Overview

At its meeting on July 17, 2018, the Accounting Standards Board (AcSB) approved a project to address stakeholders’ issues about insufficient guidance on accounting for revenue in Section 3400, Revenue, in Part II of the Handbook.

The Board plans to propose additional guidance on the following topics:

  • bill-and-hold arrangements;
  • multiple-element arrangements;
  • percentage of completion method;
  • reporting revenue gross or net; and
  • upfront non-refundable fees/payments.

In parallel with developing the proposed guidance, the Board will continue to examine the need for further improvements, including an assessment of retaining the current risk-and-rewards model.

The Board will consult its Private Enterprise Advisory Committee and Not-for-Profit Advisory Committee in developing the proposals.

The Board plans to issue an exposure draft in the first half of 2019.

 

Other developments

August 2018

In August 2018, the staff of the AcSB updated this project to indicate that the Board expects to issue an Exposure Draft in Q2/2018.

July 2018

At its meeting on July 17, 2018, the Accounting Standards Board approved a project to address stakeholders’ issues about insufficient guidance on accounting for revenue in Section 3400, Revenue, 

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