Revenue — FASB and IASB Staffs Make Further Progress
The FASB and IASB staffs recently issued papers on the following revenue-related topics for discussion at their May 2012 joint meeting: (1) feedback from comment letters and outreach, (2) a summary of the staffs’ outreach activities, and (3) the staffs’ project plan for redeliberations. In addition, the staffs are considering performing other relevant activities and have developed a timeline for completion of a common revenue standard. The staffs expect redeliberations to be substantially complete by the end of 2012 and to issue a final standard in early 2013.
For additional details on the staff papers, see the IASB’s Web site.