Singapore

Details

  • Service: Audit, Advisory, Accounting Advisory Services (External Financial Reporting Services)
  • Type: Business and industry issue
  • Date: 11/1/2011

New on the Horizon: Revenue from contracts with customers 

One model. Two approaches. Five steps. One more chance to comment.

We welcome the revised proposals on revenue recognition published by the IASB and FASB earlier this month. It is good news that the Boards listened to much of the feedback on the earlier version on the proposals published in 2010. The revised proposals retain a single model with two ways to recognise revenue: over time or at a point in time. The model continues to require a five-step analysis of contracts, focusing on transfer of control.

We hope this publication will assist you in gaining a greater understanding of the proposals. The deadline for comment letters is 13 March 2012.