(IASB-only decision-making session)
On 20 November 2013, the staff updated the IASB on the due process steps completed on the Revenue Recognition project (Agenda Paper 7A) since the IASB last considered the due process steps on this project at its May 2013 meeting. The IASB confirmed the decisions made at the May 2013 meeting. Specifically, the IASB confirmed that it has met its due process requirements and sufficient consultation and analysis has been undertaken. In addition, the IASB decided not to re-expose the Revenue Recognition Standard and agreed that the staff could begin the balloting process.
All IASB members agreed.
No IASB member indicated an intention to dissent from issuing the Revenue Recognition Standard.
The staff have begun drafting the final Revenue Recognition Standard and the IASB expects to issue the Revenue Recognition Standard in the first quarter of 2014.