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First FASB-only revenue recognition TRG meeting held

  • TRG meeting Image

Apr 20, 2016

On April 18, 2016, the transition resource group (TRG) for revenue recognition, which was created by the FASB and IASB to address potential issues related to the implementation of the boards’ new revenue standard, held its first FASB-only session.

Topics discussed at the meeting included:

  • Scope considerations related to incentive-based capital allocations, such as carried interests.
  • Considering the class of customer in the evaluation of whether a customer option gives rise to a material right.
  • Scope considerations for financial institutions.
  • Evaluating how control is transferred over time.
  • Treatment of contract assets in contract modifications.

Editor’s Note: On January 21, 2016, the IASB announced that it has completed its decision-making process related to clarifying the new revenue standard and that it no longer plans to schedule TRG meetings for IFRS constituents. Therefore, TRG meetings will now be FASB-only; however, IASB staff members may participate as observers.

The TRG’s next meeting is scheduled for July 25, 2016.

For more information, see Deloitte’s TRG Snapshot newsletter.

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