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Revenue from Contracts with Customers - IDG

Date recorded:

At its meeting on September 13, 2016, the IFRS Discussion Group (IDG) discussed the relevance of discussions of the Transition Resource Group (TRG) for Revenue Recognition in preparing financial statements in accordance with IFRSs including the following topics (i) what is the relevance of the Joint IASB/ FASB TRG material to Canadian entities applying IFRSs; (ii) what is the relevance of the FASB TRG material to Canadian entities applying IFRSs? The IDG Group members discussed both issues together and, in particular, it was noted that the TRG material is non-authoritative. In terms of the FASB TRG material, Group members agreed that it is clear that Canadian SEC registrants need to follow the discussions because the SEC determines the accounting framework to be used to file continuous disclosure documents in the U.S. In addition, a representative from the Canadian Securities Administrators (CSA) noted that if a fact pattern discussed by the joint TRG was similar to an issuer’s facts and circumstances, the CSA would strongly encourage those discussions be considered in determining an appropriate accounting treatment. As for the FASB TRG material, the CSA representative indicated that there is nothing published by the FASB that is required to be followed by an issuer preparing financial statements in accordance with IFRSs. The IDG plans to discuss these issues further at the Group’s next meeting.

Review the Report on the AcSB's Web site.

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