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Revenue Recognition ED to be re-exposed

  • IASB Jun 2011 Image

15 Jun 2011

The IASB and FASB have decided to re-expose the Revenue Recognition ED.

Although both Boards agreed that according to the criteria for the consultation process a re-exposure is not necessary, they supported a re-exposure since (a) a large number of changes were made and (b) revenues are the top line in the comprehensive income statement and everything else evolves from there. Also, the Boards feared that the publication of a staff paper would not receive the same attention. The document will only contain a few questions on the technical changes (mainly the questions from agenda paper 4C, paragraph 17 (all agenda papers are available here)). Other than that, the document will pose questions on clarity and consistency with Board decisions. The document will have a 120-day comment period. So far, no dissenting opinions have been indicated.

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