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IFRS industry insights — The revenue recognition project — An update for the telecommunications industry

Published on: Jun 30, 2011

During April‒June 2011, the IASB and FASB continued their discussions on the revenue recognition project and made a number of tentative decisions, some of which differed from the proposals in the exposure draft (ED) that was issued last year.

Specifically the boards reached tentative decisions on uncertain consideration, licenses and rights to use intangible assets and financial statement disclosures and modified their previous tentative decisions on contract costs and the onerous contract test. These are some of the topics that the telecommunications industry respondents expressed concern over in their comment letters on the ED. Also, the boards tentatively decided to reexpose their tentative decisions for public comment.

This publication discusses these topics and the effects the tentative decisions may have on the telecommunications industry.

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