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TRG discusses implementation of new revenue standard

  • TRG meeting Image

Apr 01, 2015

At its March 30, 2015, meeting, the FASB’s and IASB’s joint revenue transition resource group (TRG) discussed potential issues related to implementing the boards’ new revenue standard.

Topics discussed at the meeting included:

  • Allocation of the transaction price for discounts and variable consideration.
  • Material rights.
  • Consideration payable to a customer.
  • Partially satisfying performance obligations before identifying the contract.
  • Warranties.
  • Significant financing components.
  • Whether contributions are within the scope of the new revenue standard.

For more information, see Deloitte’s TRG Snapshot.

At a separate FASB meeting on Wednesday, April 1, 2015, the FASB tentatively decided to defer the new revenue standard for one year. For more information on the FASB’s deferral, see Deloitte’s Heads Up newsletter.

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