The IASB and FASB then discussed effective dates in relation to the revenue recognition project. The boards tentatively decided that the effective date of the revenue standard would be set to ensure that the start of the earliest comparative period for an entity that is required to present two comparative annual periods (in addition to the current annual period) would be a few months after the standard is issued. Consequently, the boards noted that based on their current timetable for the project, the effective date of the revenue standard would not be earlier than annual periods beginning on or after 1 January 2015.
This decision was supported by all members of both boards.
The boards discussed whether early application of the revenue standard should be permitted. The FASB tentatively decided unanimously that early application should not be permitted. The IASB tentatively decided that early application of the revenue standard should be permitted. Eight members of the Board agreed with that decision.
The IASB will discuss at a future meeting whether the transition reliefs to retrospective application in the proposed standard should be extended to first-time adopters of IFRSs.