EFRAG discussion paper on revenue recognition
23 Jul 2007
The European Financial Reporting Advisory Group (EFRAG) and the German accounting standard setter have jointly prepared a discussion paper 'Revenue Recognition – A European Contribution' as part of EFRAG's Pro-active Accounting in Europe (PAAinE) Initiative.
The paper was prepared in recognition that the IASB and the FASB are working on a joint project on revenue recognition.
The paper notes that the IASB and FASB have tentatively decided to develop a comprehensive set of principles for revenue recognition that are in line with an asset/liability approach. The PAAinE paper first discusses what revenue is and when it arises. It then develops and compares various approaches to revenue recognition. EFRAG invites comments on the issues in the discussion paper by 10 December 2007 (send to commentletter@efrag.org).
Click for Revenue Recognition – A European Contribution (PDF 694k)
