FASB and IASB Rev Rec Transition Group Makes Progress

FASB and IASB Rev Rec Transition Group Makes Progress -...

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More Debits & Credits Posts Dusty Stallings FASB and IASB Rev Rec Transition Group Makes Progress By Michael Cohn FEBRUARY 11, 2015 The Financial Accounting Standards Board and the International Accounting Standards Board have been holding a series of meetings of their Joint Transition Resource Group as they prepare for implementation of their converged standard on revenue recognition. There have been plenty of matters for them to discuss, including the possibility of a delay in the effective date of the standard beyond 2017, which FASB is currently weighing. At their third meeting on January 26, the boards updated each other on their outreach on various issues such as licenses, the identification of distinct goods or services, and principal vs. agent (gross vs. net) considerations. FASB’s staff announced that stakeholder outreach is still ongoing related to the potential delay in the effective date of the new standard. FASB expects to vote on any delay in the effective date in the early part of the second quarter of this year. Dusty Stallings, a partner in the Capital Markets Accounting and Advisory Services practice at PricewaterhouseCoopers, has been keeping a close eye on the meetings so far. “I think they made very good progress at the last meeting, probably
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  • Winter '14
  • MsJe
  • International Financial Reporting Standards, Financial Accounting Standards Board, effective date, Dusty Stallings, Transition Resource Group

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