ASBJ urges FASB to wait for IASB with changes to revenue recognition requirements
Jul 03, 2015
On July 3, 2015, the Accounting Standards Board of Japan (ASBJ) responded to the proposed revenue ASU on licensing and identifying performance obligations the Financial Accounting Standards Board (FASB) published for comment in May.
In its comment letter, the ASBJ states that it finds some of the proposals useful and believes they would help entities avoid significant practical challenges when implementing the new revenue recognition requirements while also maintaining the usefulness of the resulting financial information. However, the ASBJ stresses that it is important that the FASB and the International Accounting Standards Board (IASB) try to remain converged on the requirements. Therefore, the ASBJ urges the FASB not to continue with these amendments and finalize them until "after the FASB sufficiently consult with the IASB on the optimal scope and contents of possible changes to the two standards". The IASB's proposed clarifications to IFRS 15 are currently expected for the third quarter of 2015.
Please click to access the comment letter on the ASBJ Web site.
