Revenue recognition — Credit card reward programs (IASB and FASB)

Date recorded:

The IASB and FASB jointly discussed the same issue that was discussed by the IASB during the previous day (23 May) meeting.

The IASB members reiterated their position from yesterday. An IASB member questioned whether it was necessary to add extra wording to Example 24 saying that the entity should consider all facts and circumstances. This wording applied to all examples.

FASB agreed with the proposal not to provide further guidance and to amend Example 24 as recommended by the Staff (as modified by drafting comments).  

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