FASB Hosts Public Roundtables to Solicit Input on Its Revenue Recognition Project
Yesterday, the FASB hosted its first two public roundtables in Norwalk, CT, to discuss its exposure draft (ED) on revenue recognition. The roundtables are the first in a series planned by the FASB and IASB to give interested stakeholders an opportunity to engage in a constructive dialogue about the ED. Participants included users, preparers, and auditors as well as representatives from the FASB, IASB, and SEC.
The following topics related to the ED were discussed: (1) transfer of control, (2) identifying separate performance obligations, (3) determining and allocating the transaction price, and (4) various other matters, including the ED’s guidance on cost, collaborative arrangements, and warranties.
Audio recordings of the meetings are available on the FASB’s Web site.
