This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

IASB and FASB discuss potential clarifications to joint revenue recognition guidance

  • IASB (International Accounting Standards Board) Image
  • FASB (US Financial Accounting Standards Board) Image

Feb 20, 2015

At their meeting on Wednesday, the IASB and FASB discussed issues that their joint revenue transition resource group (TRG) has identified in connection with implementation of their converged standard, “Revenue From Contracts With Customers” (issued as IFRS 15 by the IASB and as ASU 2014-09 by the FASB). Specifically, the boards addressed whether to clarify certain aspects of the standard that seem to be causing implementation problems for some preparers.

Topics that one or both boards may consider revising or clarifying include de­ter­min­ing the nature of an entity’s promise in granting a license of in­tel­lec­tual property, iden­ti­fy­ing per­for­mance oblig­a­tions related to the level at which promised goods or services are iden­ti­fied in a contract with a customer, evaluating whether promised goods and services are distinct, and de­ter­min­ing whether shipping and handling services are promised services in the contract or a ful­fil­lment cost.

For more information, see Deloitte’s February 19, 2015, Heads Up.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.