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Section 3400 - Revenue

Effective date:

January 1, 2011, except for subsequent amendments

Published by the AcSB:

December 2009

Reach out to our Section 3400 Specialist

Maryse Vendette

Overview

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

Date

Development

Comments

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.

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.