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Saturday 01 November 2014

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Revenue Recognition

Exposure draft and comment letters [Jun 2010]


 

 Exposure draft and Comment letters


 

On 24 June 2010 the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FA SB) today 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.

View all posted comment letters

The exposure draft was open for comments until 22 October 2010. Currently the FASB holds the comment letters on its website, these can be viewed here

Click here for a comment letter summary of the exposure draft letters.

 

Due process document Accompanying material
Exposure Draft: Revenue from Contracts with Customers [English][PDF] Basis for Conclusions: Revenue from Contracts with Customers [PDF]
Expos�-sondage: Produits des activit�s ordinaires tir�s de contrats avec des clients [French][PDF]
公開草案: 顧客との契約から生じる収益[Japanese][PDF] 結論の根拠: 顧客との契約から生じる収益 [Japanese][PDF]