This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

TRG discusses implementation of new revenue standard

  • TRG meeting (mid blue) Image

22 Jul 2014

At its July 18, 2014, inaugural meeting, the joint revenue transition resource group (TRG) and FASB and IASB board members discussed potential issues related to implementing the boards’ new revenue standard.

The purpose of the TRG is not to issue guidance but instead to seek feedback on potential issues related to implementing ASC 606 and IFRS 15. By analyzing and discussing potential implementation issues, the TRG will help the boards determine whether they need to take additional action, such as providing clarification or issuing other guidance. The TRG comprises financial statement preparers, auditors, and users from “a wide spectrum of industries, geographical locations, and public and private organizations.”

Topics discussed at the meeting included:

  • Determining whether an entity offering internet-related intangible goods and service arrangements is a principal or an agent.
  • Determining whether certain amounts billed to customers should be presented as revenue or a reduction of costs.
  • Sales-based and usage-based royalties in contracts with licenses and goods or services other than licenses.
  • Inclusion of renewal periods for impairment testing of capitalized contract costs.

For more information, see Deloitte’s TRG Snapshot.

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.