The IASB has published proposals clarifying four key areas of the new revenue standard that are of significant interest to users and preparers of financial statements.When the IASB and FASB published their new joint standard on revenue recognition1, we said that the real work was just beginning – and so it has proved.
The new standard has been the subject of intense scrutiny and interpretative focus, years before it becomes effective. This reflects the importance of revenue as a financial reporting metric across industries, and the scale of the implementation effort that many companies face.
In this report:
• Clearer view of IFRS 15
• Key proposals
• Principal vs agent
• Identifying performance obligations
• FASB – only proposals
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