IASB / FASB July 2008

The boards considered a summary of the responses to the discussion paper Preliminary Views on Revenue Recognition in Contracts with Customers. After reviewing those responses, the boards affirmed the objective of the project to develop a single revenue recognition model for IFRSs and US GAAP that can be applied consistently across various industries and transactions. They agreed to focus on developing the model proposed in the discussion paper and clarifying how that model would apply to continuous delivery contracts (eg some construction contracts). The boards will then decide whether to exclude any specific industries from the scope of that model.