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Thursday 23 October 2014

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Revenue Recognition

Revenue Recognition


 Exposure Draft comment letters

On 24 June 2010 the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FA SB) published for public comment a draft standard to improve and align the financial reporting of revenue from contracts with customers and related costs.

 

If adopted, the proposal would create a single revenue recognition standard for International Financial Reporting Standards (IFRSs) and US generally accepted accounting principles (GAAP) that would be applied across various industries and capital markets. The publication of this joint proposal represents a significant step forward toward global convergence in one of the most important and pervasive areas in financial reporting. The proposed standard would replace IAS 18 Revenue, IAS 11 Construction Contracts and related interpretations. In US GAAP, it would supersede most of the guidance on revenue recognition in Topic 605 of the FASB Accounting Standards Codification.

Comment letter deadline

 

The exposure draft was open for comments until 22 October 2010.

Respondent type

  • Respondent Type Number Percentage
  •  
    Preparer
    481
    49%
  •  
    Individuals
    173
    18%
  •  
    Auditors / accounting firms
    102
    10%
  •  
    Users (including surety providers)
    72
    7%
  •  
    Professional bodies
    72
    7%
  •  
    Industry organisations
    47
    5%
  •  
    Standard setters
    18
    2%
  •  
    Regulators
    7
    1%
  •  
    Academics
    6
    1%
  •  
    Consultants
    5
    1%
  •  
    Other
    3
    0%
  • Total 986 100%

Geographic region

  • Geographic Region Number Percentage
  •  
    North America
    726
    74%
  •  
    International
    116
    12%
  •  
    Europe
    73
    7%
  •  
    Asia
    44
    4%
  •  
    Oceania
    17
    2%
  •  
    South America
    3
    0%
  •  
    Unknown
    1
    0%
  • Total 986 100%