Joint Transition Resource Group for Revenue Recognition
Background
The Joint Transition Resource Group for Revenue Recognition of the IASB and the FASB was created to keep the IASB and FASB informed on interpretive issues occurring during implementation of the converged revenue recognition standard and to assist in determining what action may be needed to resolve diversity in practice. IFRS 15 and ASC 606 were issued on May 28, 2014, and must be applied in an entity's first annual IFRS financial statements for periods beginning on or after January 1, 2017.
Purpose of the Transition Resource Group
The group is responsible for soliciting, analyzing, and discussing stakeholder issues arising from implementation of the new standard. It informs the IASB and FASB about those implementation issues and will help the boards to determine what, if any, action will be needed to address those issues. The group also provides a forum for stakeholders to learn about the new standard from others involved with implementation. It will not issue guidance.
Membership and meetings
Currently, the transition group has 19 members and is co-chaired by the vice-chairmen of the IASB and the FASB. Current members of the group can be found on the IASB's Web site.
The group is expected to meet twice in 2014 and four times in 2015. It will discuss potential issues arising from the implementation of the new revenue recognition standard. Issues may be submitted by any stakeholder and will be evaluated before each meeting and prioritized for discussion. Submission details are available on the IASB's Web site.
Meetings of the transition group are open to the public and will be webcast. The first meeting is scheduled for July 18, 2014.
