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Revenue recognition

Date recorded:

In May 2013, the IASB considered the due process steps completed up until that point and made some decisions in relation to due process, balloting and dissension. Given the recent substantive joint technical discussions held with the FASB that concluded in October 2013, the staff have re-proposed those same questions to the Board to ensure that these decisions had not changed. As of November 2013, the FASB have completed its own due process and have granted permission to its staff to begin their ballot process.

Question 1: Does the Board agree with the staff recommendation not to re-expose the revenue recognition standard?

The Board agreed not to re-expose the revenue recognition standard.

Question 2: Is the Board satisfied that it has undertaken sufficient consultation and analysis to be able to begin the balloting process for the revenue recognition standard?

The Board agreed that they were satisfied with the efforts to date and that the balloting process can begin.

Question 3: Do any members of the Board propose to dissent from the publication of the revenue standard?

No members of the Board indicated their intention to dissent.

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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.