The International Accounting Standards Board (IASB) and the Financial
Accounting Standards Board (FASB) have formally announced plans to
create a joint transition resource group focused on the upcoming final
converged standard on revenue recognition.
The transition group will be responsible for informing the IASB and the FASB about interpretive issues that
could arise when companies, institutions, and other organizationsimplement the revenue recognition standard. It will solicit, analyze, and discuss stakeholder issues that apply to common transactions that could reasonably create diversity in practice. In addition to providing a forum to discuss the application of the requirements, the transition group will provide information that will help the boards determine what, if any, action will be needed to resolve that diversity. The group itself will not issue guidance.
The resource group will convene following the final issuance of the revenue recognition standard later this year. The group is intended to have a limited life and the primary activities of the group are planned to occur before the standard takes effect in 2017.
The transition group will consist of 10 to 15 specialists representing financial statement preparers, auditors, regulators, users, and other stakeholders as well as members of the IASB and FASB. Transition group members will be announced shortly after the final standard is issued.
More information about the activities of the revenue recognition transition resource group will be available at www.ifrs.organd www.fasb.org.
The transition group will be responsible for informing the IASB and the FASB about interpretive issues that
could arise when companies, institutions, and other organizationsimplement the revenue recognition standard. It will solicit, analyze, and discuss stakeholder issues that apply to common transactions that could reasonably create diversity in practice. In addition to providing a forum to discuss the application of the requirements, the transition group will provide information that will help the boards determine what, if any, action will be needed to resolve that diversity. The group itself will not issue guidance.
The resource group will convene following the final issuance of the revenue recognition standard later this year. The group is intended to have a limited life and the primary activities of the group are planned to occur before the standard takes effect in 2017.
The transition group will consist of 10 to 15 specialists representing financial statement preparers, auditors, regulators, users, and other stakeholders as well as members of the IASB and FASB. Transition group members will be announced shortly after the final standard is issued.
More information about the activities of the revenue recognition transition resource group will be available at www.ifrs.organd www.fasb.org.
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