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AcSB Decision Summary – May 18, 2022

This summary of Accounting Standards Board (AcSB) decisions has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussion on projects, which may change after further deliberations by the Board. Decisions to publish Handbook material are final only after a formal ballot process.

The AcSB will respond to change and reprioritize when necessary, ensuring we can address implementation challenges and provide the information users may need in these unique circumstances.

The AcSB values input and feedback from stakeholders and can be reached anytime through our online form.

IFRS® Standards

IFRS® Interpretations Committee’s (IFRIC) Tentative Agenda Decisions

The AcSB discussed its draft response letter to the IFRIC® Tentative Agenda Decision on “Special Purpose Acquisition Companies (SPAC): Accounting for Warrants at Acquisition.” The Board provided staff with comments to incorporate into the final letter. The Board submitted its response letter by the May 23, 2022, deadline.

The AcSB considered the feedback from its Insurance Transition Resource Group and discussed its draft response letter to the IFRIC Tentative Agenda Decision on “Transfer of Insurance Coverage under a Group of Annuity Contracts.” The Board provided staff with comments to incorporate into the final letter. The Board submitted its response letter by the May 23, 2022, deadline.

Standards for Not-for-Profit Organizations

Contributions – Revenue Recognition and Related Matters 

The AcSB discussed the exposure draft proposals and considered input from its Not-for-Profit Advisory Committee relating to the scope of a new standard; definitions of key terms; and revenue recognition for unrestricted contributions, restricted contributions, and capital asset contributions.

Considering the Committee’s feedback, the AcSB discussed the specific factors to include in the guidance for determining whether a contribution is externally restricted and when to recognize revenue from restricted contributions. The Board considered the current definition of a liability in Section 1001, Financial Statement Concepts for Not-for-Profit Organizations, and how it interacts with the draft proposals.

With regard to capital asset contributions, the AcSB discussed options for determining when to recognize revenue, and tentatively decided that they should be accounted for consistently with other types of restricted contributions.

The AcSB will continue discussing the exposure draft proposals at its June 2022 meeting. The Board plans to issue an exposure draft in the first quarter of 2023. 


The AcSB discussed feedback received from its Private Enterprise Advisory Committee and Not-for-Profit Advisory Committee on recent amendments to Section 3400, Revenue, related to accounting for upfront non-refundable fees and payments. The Board considered the need to either defer the effective date or to temporarily withdraw the amendments to research its effects. The Board directed its staff to further research the available options to address concerns stakeholders raised and will continue this discussion at its June 2022 meeting.

Standards for Private Enterprises and Not-for-Profit Organizations


The AcSB discussed insurance accounting under domestic standards. The Board directed staff to gather additional information to better understand the scope of the issue and the number of impacted stakeholders. The Board will continue its discussion on this matter at a future meeting.

Due Process

Not-for-Profit Advisory Committee

At its meeting on May 12, 2022, the Not-for-Profit Advisory Committee discussed contributions, revenue, and cloud computing arrangements.

Private Enterprise Advisory Committee

At its meeting on May 10, 2022, the Private Enterprise Advisory Committee discussed revenue, cloud computing arrangements, related party combinations, and post implementation reviews for domestic projects.