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  • Service: Audit, IFRS
  • Date: 7/30/2013

Reaffirmed – revenue proposals will require significant amount of judgement  

The Boards are working to finalise a new revenue standard for publication later this year. In July, they discussed some key application issues identified during the drafting process – including the implications of doubts about collectibility and the application of the revenue constraint to the measurement of revenue. The Boards reaffirmed their previous decisions in these areas, each of which would require entities to exercise significant judgement.

In preparation for launch of the new revenue standard, the Boards announced the formation of a joint transition resource group responsible for identifying interpretative issues as entities work to implement the new requirements. 

 

Read our IFRS Newsletter: Revenue to find out what these issues could mean for your business.

IFRS Newsletter: Revenue - issue 10, July 2013

Feature image
This edition of IFRS Newsletter: Revenue examines the recent thinking on the revenue project, and what the proposals could mean for you.

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