FASB / IASB: Revenue recognition standard

FASB / IASB: Revenue recognition standard

At a February 2015 joint meeting, the FASB decided to propose amendments to the revenue recognition standard, to clarify the guidance on accounting for licenses of intellectual property and identifying performance obligations, whereas the IASB decided to make more limited clarifications to its standard.

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The FASB intends to issue an exposure draft in the near term that would have the objective of narrowing potential diversity in practice based on feedback received from constituents including the Transition Resource Group for Revenue. The FASB did not specify the length of the comment period.


Read a February 2015 report [PDF 619 KB] prepared by KPMG LLP: Defining Issues: FASB and IASB Propose Clarifications to Revenue Standard

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