The International Accounting Standards Board (IASB) has recently issued a revised Exposure Draft on Revenue from Contracts with Customers (the ED). This replaces the ED on the same subject which they issued some 18 months ago.
There were significant concerns expressed by the Building & Construction sector on the previous ED about the way long-term contract accounting would work. In particular, there was concern that they would be obliged to separate contracts into multiple performance obligations and account for them separately. There were also widespread concerns that revenue on contracts might not be eligible for recognition until the contract was complete, leading to a lumpy revenue and profit profile.
The good news is that the concerns which the Building & Construction sector raised on the previous ED have been heard.