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IASB meeting summaries and observer notes


 IASB April 2008


 

The Board discussed three draft chapters of its forthcoming discussion paper on revenue recognition. These chapters discuss the core recognition issues relating to the proposed contract-based revenue recognition model, including:

  • why the Board and the FASB propose basing their revenue recognition model on the asset or liability arising from the rights and obligations in the contract with a customer (i.e. the contract asset or contract liability);
  • the recognition of the contract asset or liability;
  • the identification of the performance obligations that are included in that contract asset or liability;
  • determining when those performance obligations are satisfied.

The draft chapters were included in the observer notes for the meeting, available on the Website.

The Board was not asked to make any decisions but it highlighted issues in the draft chapters that require further discussion or clarification.

 

Date: 4/17/2008