The FASB will propose a practical expedient to allow an entity to present sales taxes on a net basis as an accounting policy. The FASB also decided to clarify the guidance on noncash consideration and collectibility. The FASB directed the staff to continue to explore possible clarifications to the principal versus agent guidance.
The IASB will monitor the FASB’s standard setting to determine whether it needs to change its standard to maintain convergence.
Read a March 2015 report [PDF 664 KB] prepared by KPMG LLP: Defining Issues: FASB and IASB to Propose Additional Revenue Clarifications
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