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Saturday 01 November 2014

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Revenue Recognition


 Revised Exposure Draft comment letters

On 14 November 2011 the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FA SB) issued for public comment a revised draft standard to improve and converge the financial reporting requirements of International Financial Reporting Standards (IFRSs) and US General Accepted Accounting Principles (GAAP) for revenue (and some related costs) from contracts with customers.

 

The boards decided to re-expose the proposals because of the importance of the financial reporting of revenue to all entities and the boards’ desire to avoid unintended consequences arising from the final standard.

Comment Letter deadline

 

The Exposure Draft was open for comment until 13 March 2012.

Respondent type

  • Respondent Type Number Percentage
  •  
    Preparer
    217
    61%
  •  
    Accountancy body
    43
    12%
  •  
    Standard-setting body
    27
    8%
  •  
    Auditors / accounting firms
    24
    7%
  •  
    Individuals
    15
    4%
  •  
    Users
    9
    3%
  •  
    Other
    6
    2%
  •  
    Government
    6
    2%
  •  
    Regulators
    6
    2%
  •  
    Academics
    4
    1%
  • Total 357 100%

Geographic region

  • Geographic Region Number Percentage
  •  
    North America
    176
    49%
  •  
    Europe
    96
    27%
  •  
    Asia
    42
    12%
  •  
    Global
    22
    6%
  •  
    Oceania
    9
    3%
  •  
    Latin America
    6
    2%
  •  
    Africa
    6
    2%
  • Total 357 100%