Preliminary views on revenue recognition in contracts with customers
The IASB and the US Financial Accounting Standards Board (FASB) have published a discussion paper setting out a joint approach for revenue recognition.
Published: 19 December 2008
Comments by: 19 June 2009
ICAEW event: 7 July 2009
The boards’ objective is to improve the existing guidance in both IFRS and US GAAP by developing a single revenue recognition model that can be applied consistently regardless of industry. The underlying principle would be to recognise revenue when the entity satisfies a performance obligation by transferring goods and services to a customer as contractually agreed.
The Financial Reporting Faculty has produced a revenue recognition Q and A (PDF 34kb/6 pages) setting out its current views and understanding of the IASB proposals.
ICAEW response to IASB
The ICAEW submission, was, by agreement with the IASB, submitted in early July. The draft submission was available on the website for comment before this.
Revenue Recognition: The Debate Continues
The Financial Reporting Faculty hosted a discussion event on this important topic at Chartered Accountants’ Hall on 7 July 2009 at 5.00 pm. The event included a presentation from the IASB project managers, who provided initial feedback on the comment letters received by the IASB on its proposals.
- Watch the webcast recording of the session “IASB proposals and feedback to date” by April Pitman and Henry Rees, (IASB Project Managers).
- Watch the “Panel session” which includes comments from:
- Andy Simmonds, Partner, Deloitte
- Henry Rees, Project Manager, IASB
- April Pitman, Project Manager, IASB
- Andrew Baigent, Director, National Audit Office;
- Chairman, ICAEW working party
- Ian Mackintosh, Chairman, ASB
- Nick Anderson, Head of Equity Research, Insight
- Investment; ASB member
- Deborah Taylor, Senior Analyst, Barclays Capital
- See the full event programme for Revenue Recognition: The Debate Continues
