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Thursday 31 July 2014

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Revenue Recognition

Discussion paper and comment letters [Dec 2008]


 

Discussion paper and comment letters


 

On 19 December 2008, the International Accounting Standards Board (IASB) published for public comment a discussion paper Preliminary Views on Revenue Recognition in Contracts with Customers, setting out a joint approach for the recognition of revenue.

Revenue is an important number to users of financial statements in assessing a company�s performance and prospects. However, revenue recognition requirements in US generally accepted accounting principles (GAAP) differ from those in International Financial Reporting Standards (IFRSs) and both are considered in need of improvement.

The requirements in US GAAP comprise numerous standards�many are industry‑specific and some can produce conflicting results for economically similar transactions. Although IFRSs contain fewer standards on revenue recognition, its two main standards have different principles and can be difficult to understand and apply beyond simple transactions.

Comment letter deadline: The discussion paper was open for comment until 19 June 2009. The comment period is now closed.

Currently the FASB holds the comment submission letters on its website. Comment letters can be viewed here

Access the due process documents

Due process documents
Discussion paper:  Preliminary Views on Revenue Recognition in Contracts with Customers [English] [PDF, 812 KB]
Discussion paper: Preliminary Views on Revenue Recognition in Contracts with Customers[Japanese] [PDF, 1.44 MB]

Related information

Click here to read the Snapshot on the discussion paper