The IASB's latest revenue recognition proposals retain a principles-based approach to the recognition of revenue from contracts. It introduces new concepts for obligations satisfied over, or at a point in time. In particular, the current proposals will change the way many complex, long-term or multiple-component contracts are accounted for.
The comment period on the revised proposals is now closed and the IASB is considering the comments received. The IASB now expects to publish a final standard in the first quarter of 2014.