Deadline reminder – EDs on Revenue and Removal of Fixed Dates

  • Clock (green) Image

21 Oct, 2010

We remind you that comments on the Exposure Drafts Revenue from Contracts with Customers and Removal of Fixed Dates for First-time Adopters are due on 22 October 2010 and 27 October 2010, respectively.

The ED on revenue aims at improving 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 ED on fixed dates would amend IFRS 1 by replacing references to a fixed transition date of 1 January 2004' with the date of transition to IFRSs'. As a result, entities adopting IFRSs for the first time would not have to restate derecognition transactions that occurred before the date of transition to IFRSs.

Related Topics

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.