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Summary of redeliberations in the revenue recognition project

  • IASB (International Accounting Standards Board) Image

Mar 13, 2013

An updated staff summary of redeliberations in the revenue recognition project has been made available on the IASB's Web site. The summary outlines the decisions made by the IASB and the FASB in their redeliberations since ED/2011/6, "Revenue from Contracts with Customers," was issued in 2011. Since all substantive redeliberations are now complete, the staff will now commence drafting the final revenue standard, which is currently expected to be finalized in June 2013.

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 finalized revenue recognition standard will be completed in the second quarter of 2013 and will be applied for reporting periods beginning on or after January 1, 2017. The IASB and FASB have decided that early application would not be permitted.

Click for access to the staff redeliberation summary (link to the IASB's Web site).

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