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IASB and FASB to create a joint revenue recognition transition resource group

  • IASB (International Accounting Standards Board) (blue) Image
  • FASB (US Financial Accounting Standards Board) (lt blue) Image

26 Jul 2013

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) have formally announced the plan to create a joint transition resource group for the upcoming revenue recognition standard. The transition group will be in charge of keeping the IASB and FASB informed on interpretive issues occurring during implementation of the standard and assist in determining what action may be needed to resolve diversity in practice.

The transition group will consist of 10 to 15 specialists, which will be announced shortly after the issuance of the revenue standard. Specialists will include financial statement preparers, auditors, regulators, users, and other stakeholders as well as IASB and FASB members.

More information on the revenue recognition transition resource group is available on the IASB website.

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