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

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Jul 26, 2013

The IASB and the 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 assisting in the determination of 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. The 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's Web site.

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