FASB/IASB to Re-expose Revenue Recognition Proposal
On June 15, 2011, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) announced plans to re-expose their revised revenue recognition proposal during the third quarter. The new standard was originally planned to be issued by the end of June 2011. However, the boards had received nearly 1,000 comment letters to the initial exposure draft issued in June 2010 and have tentatively decided to significantly change certain provisions of the exposure draft, refine others and continue deliberating still other provisions.
The goal of the proposal is to create a single revenue recognition standard for both U.S. GAAP and International Financial Reporting Standards (IFRS) which can be applied consistently across various industries and transactions. For more information on the status of this project, please read the following:
AICPA Brief on the Revenue Recognition Accounting Project