TRG discusses implementation of new revenue standard

  • TRG meeting (mid blue) Image

01 Apr, 2015

At its 30 March 2015 meeting, the joint revenue transition resource group (TRG) and IASB and FASB board members discussed potential issues related to implementing the boards’ new revenue standard.

Topics discussed at the meeting included:

  • Allocation of the transaction price for discounts and variable consideration
  • Material rights
  • Consideration payable to a customer
  • Partially satisfying performance obligations before identifying the contract
  • Warranties
  • Significant financing components
  • Whether contributions are within the scope of the new revenue standard

At a separate FASB meeting on Wednesday, 1 April 2015, the FASB tentatively decided to defer the new revenue standard for one year. It is currently unclear whether the IASB will defer the effective date of IFRS 15; the IASB plans to discuss this issue later in April.

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