Section 3400 - Revenue

Effective date:

January 1, 2011, except for subsequent amendments

Published by the AcSB:

December 2009


This Section establishes standards for the timing of recognition of revenue in the financial statements of enterprises. It is concerned with the recognition of revenue arising in the course of the ordinary activities of an enterprise from the sale of goods, the rendering of services, and the use by others of enterprise resources yielding interest, royalties and dividends. It does not deal with the measurement of revenue, which is usually determined by agreement between the parties involved. However, when uncertainties exist regarding the determination of the amount of revenue, these uncertainties may influence the timing of revenue recognition.

History of Section 3400




December 2009

Part II of the CPA Canada Handbook issued

Effective for fiscal years beginning on or after January 1, 2011.

December 2019

Section 3400 amended to provide additional guidance on the application of the requirements related to identifying the units of account, multiple-element arrangements, the percentage of completion method, reporting revenue gross or net, bill and hold arrangements and upfront non-refundable fees or payments

The amendments are effective for annual financial statements relating to fiscal years beginning on or after January 1, 2021. Earlier application is permitted.

April 2020

Deferral of additional guidance with respect to Section 3400

At its meeting on April 15, 2020, as a result of the impact of the Covid 19 pandemic, the AcSB decided to defer the effective date of these amendments to Section 3400 by one year to fiscal years beginning on or after January 1, 2022. Earlier application continues to be permitted. The material deferring the effective date of these amendments to Section 3400 was issued to the CPA Canada Handbook – Accounting Part II on August 1, 2020.

November 2022

Amendments to Section 3400 with re­spect to Upfront Non-refundable Fees or Payments

The amendments defer the effective date for previously issued amendments relating to upfront non-refundable fees or payments from fiscal years beginning on or after January 1, 2022, to fiscal years beginning on or after January 1, 2025. Earlier application is permitted.

Note: The above summary does not include details of consequential amendments made as the result of other projects.


Private Enterprise Advisory Committee Meeting Notes

  • November 7, 2017 - Consultation on Project Priorities: Revenue
  • December 1, 2016 - challenges in applying the principles of the revenue standard in its current form
  • September 16, 2014 - Impact of the new standard, IFRS 15 Revenue from Contracts with Customers on the application of Section 3400

Amendment under consideration

  • None

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.