FASB / IASB: Revenue recognition standard update

FASB / IASB: Revenue recognition standard update

The Joint Transition Resource Group for Revenue Recognition (TRG) met for the third time on January 26, 2015, and discussed several issues related to the new revenue recognition standard.

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The FASB plans to make a decision about the effective date early in the second quarter of 2015.The Boards will hold a joint meeting in February to discuss potential clarifications on determining the nature of a license of intellectual property and the scope and application of the sales- and usage-based royalties exception and applying the distinct in the context of the contract criterion.

 

Read a January 2015 report [PDF 785 KB] prepared by KPMG LLP: Defining Issues: Revenue Transition Resource Group Discusses Issues

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