Revised exposure draft and Comment letters
On 14 November 2011 the IASB and the FASB issued for public comment a revised draft standard to improve and converge the financial reporting requirements of International Financial Reporting Standards (IFRSs) and US General Accepted Accounting Principles (GAAP) for revenue (and some related costs) from contracts with customers.
The boards decided to re-expose the proposals because of the importance of the financial reporting of revenue to all entities and the boards� desire to avoid unintended consequences arising from the final standard.
Submit a comment letter
The comment letter deadline was 13 March 2012.
Click here to visit the FASB website and read comment letters.