Summary of redeliberations in the revenue recognition project
13 Mar, 2013
An updated staff summary of redeliberations in the revenue recognition project has been made available on the IASB's website, outlining the decisions made by the IASB and FASB in redeliberations since the issue of ED/2011/6 'Revenue from Contracts with Customers' in 2011. As all substantive redeliberations are now complete, the staff will now commence drafting the final revenue standard, which is currently expected to be finalised before the end of June.
The document prepared by the staff contains a paragraph-by-paragraph summary of the impacts of the redeliberations on the proposals in ED/2011/6 issued in November 2011. The paper provides links to the agenda papers related to each topic noted, and also notes any differences between the IASB and FASB in conclusions reached.
ED/2011/6 is the second exposure draft issued in the revenue recognition project, following ED/2010/6 Revenue from Contracts with Customers which was issued in June 2010. The current expectation is that a finalised revenue recognition standard will be completed in the second quarter of 2013 and be applied for reporting periods beginning on or after 1 January 2017. The IASB and FASB have decided that early application would not be permitted.
Click for access to the staff redeliberation summary (link to IASB website).
