Joint Transition Resource Group for Revenue Recognition
Background
The Joint Transition Resource Group for Revenue Recognition of the IASB and the FASB was created to keep the IASB and FASB informed on interpretive issues occurring during implementation of the converged revenue recognition standard and to assist in determining what action may be needed to resolve diversity in practice. IFRS 15 Revenue from Contracts with Customers was issued on 28 May 2014 and must be applied in an entity's first annual IFRS financial statements for periods beginning on or after 1 January 2018.
Purpose of the Transition Resource Group
The group is responsible for soliciting, analysing, and discussing stakeholder issues arising from implementation of the new standard. It informs the IASB and the FASB about those implementation issues and will help the boards to determine what, if any, action will be needed to address those issues. The group also provides a forum for stakeholders to learn about the new standard from others involved with implementation. It will not issue guidance.
Membership and meetings
Currently, the transition group has 19 members and is co-chaired by the Vice-Chairmen of the IASB and the FASB. Current members of the group can be found on the IASB's website.
The group is expected to meet twice in 2014 and four times in 2015. It will discuss potential issues arising from the implementation of the new revenue recognition standard. Issues may be submitted by any stakeholder. They will be evaluated before each meeting and prioritised for discussion. Submission details are available on the IASB's website.
Meetings of the transition group are open to the public and will be webcast. The first meeting of the group was held on 18 July 2014.
