ASPE briefing: Section 3400, Revenue
In December 2019, the Accounting Standards Board (AcSB) issued amendments to Section 3400, Revenue in Part II of the CPA Canada Handbook – Accounting. Learn more about the amendments in our briefing.
The amendments provide additional guidance on the application of the requirements in Section 3400 to clarify how to identify the unit of account in a revenue transaction, as well as additional guidance on the following revenue topics:
- percentage of completion method
- multiple-element arrangements
- reporting revenue gross or net
- bill and hold arrangements
- up-front non-refundable fees or payments
Our briefing highlights key changes resulting from the amendments and considers some possible assurance implications. It also provides illustrative examples on its application.