FASB / IASB - Revenue recognition; scope and industry-specific issues 

February 6: The FASB and IASB at their January 2013 meeting made tentative decisions concerning:
  • The scope of their November 2011 revised joint exposure drafts on revenue recognition
  • The application of the proposed standard to sales of nonfinancial assets that are not an output of a vendor’s ordinary activities
  • The application to certain asset management contracts
  • The accounting for certain repurchase agreements

The Boards also discussed feedback on the proposed disclosure and transition provisions, but made no decisions.


Read a February 2013 report [PDF 229 KB] prepared by KPMG LLP: Defining Issues: Revenue Recognition: Boards Decide Scope and Industry-Specific Issues




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