IASB/FASB Joint Discussions: Revenue Recognition
Date recorded:
Both IASB and FASB have added to their agenda projects on revenue recognition, and both have indicated an interest in pursuing the projects as a joint project. The Boards discussed the issues relating to pursuing the project jointly, including:
- The Boards' agendas.
- Joint project working group.
- Joint project staff.
- Joint project plan.
- Milestones and deadlines.
- Anticipated final products.
- Realisation and 'completion-of-earning-process' approach (set out in revenue recognition concepts the conceptual frameworks of both Boards).
- Asset and liability approach (set out in the definitions of assets and liabilities in both frameworks). Revenue would be defined in terms of changes in assets and liabilities.