FASB / IASB - Revenue recognition project decisions 

February 28:   During their February 2013 meeting, the FASB and IASB discussed their revenue recognition project and made the following tentative decisions:
  • Require final revenue recognition standard to be effective for fiscal years and interim periods within those years, beginning on or after January 1, 2017, and to prohibit early adoption.
  • Allow either the retrospective transition approach or an approach under which the vendor would recognize a cumulative effect adjustment to the opening balance of retained earnings for the year of adoption only for open and uncompleted contracts with customers on the date of adoption
  • Revise and clarify certain disclosure requirements

Read a February 2013 report [PDF 224 KB] prepared by KPMG LLP: Defining Issues: Revenue Recognition: Boards Decide on Effective Date, Transition, and Disclosures




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