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Joint revenue standard to be issued next Wednesday

  • FASB-IASB Image

May 22, 2014

The FASB and IASB are expected to issue their joint standard "Revenue From Contracts With Customers" (ASU 2014-09 and IFRS 15, respectively) on May 28, 2014.

The objectives of the boards’ revenue recognition project are to clarify and converge the revenue recognition principles under U.S. GAAP and IFRSs and to develop guidance that would streamline and enhance revenue recognition requirements while also providing “a more robust framework for addressing revenue issues.” The boards believe that the standard will improve the consistency of requirements, comparability of revenue recognition practices, and usefulness of disclosures.

For more information, see the press release on the IASB’s Web site.

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