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Revenue Recognition

IASB meeting summaries and observer notes


 IASB/FASB October 2011


 

 

The IASB and FASB discussed whether an entity should apply the proposed disclosure requirements in the forthcoming revised exposure draft, Revenue from Contracts with Customers to interim financial statements. The boards tentatively decided to amend IAS 34 Interim Financial Reporting and Topic 270 Interim Reporting in the FASB Accounting Standards Codification� to specify that an entity that prepares interim financial statements should disclose in its interim financial statements the following information (if material):

  1. a disaggregation of revenue;
  2. a tabular reconciliation of the movements in the aggregate balance of contract assets and contract liabilities for the current reporting period;
  3. a maturity analysis of remaining performance obligations;
  4. information on onerous performance obligations and a tabular reconciliation of the movements in the corresponding onerous liability for the current reporting period; and
  5. a tabular reconciliation of the movements of the assets recognised from the costs to obtain or fulfil a contract with a customer.

This decision was supported by 11 IASB members and 5 FASB members.

Date: 10/19/2011