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FASB votes to proceed with final standard on revenue recognition

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Nov 06, 2013

At its meeting today, the FASB reviewed a due process analysis presented by the staff and agreed that due process requirements have been complied with throughout the revenue project.

Because the majority of Board members voted in favor of moving forward with a final standard (i.e., five voted in favor, one voted against, and one abstained), the Board directed the staff to draft the final ASU for vote by written ballot. After the IASB completes its own due process, the FASB and IASB plan to issue essentially the same standard at the same time, which is expected to be in the first quarter of 2014.

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