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Revenue recognition

Date recorded:

Disclosures in interim reporting periods

At their October 19, 2011 joint meeting, the FASB and IASB (the "boards") discussed the application of certain of the disclosure requirements proposed in their revenue recognition project to both interim and annual financial statements. The boards' staff recommended in their staff paper that in addition to information that has changed significantly from prior financial statements, entities should only be required to provide certain disclosures as of interim reporting periods, including the following "quantitative" disclosures:

The boards debated whether specific requirements for interim financial statements were necessary, but they tentatively agreed with the staffs' recommendation; however, the boards decided to include a question in their forthcoming exposure draft asking constituents to provide input on the costs and benefits of requiring the specific disclosures in interim financial statements. The boards plan to continue outreach activities as well to evaluate the proposal's cost-benefit relationship.

In addition, the FASB tentatively concluded not to amend ASC 270, Interim Reporting, to specify interim disclosures on revenue or contracts with customers for nonpublic entities.

Related Topics

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.