“The issuance of the revenue recognition standard is a major achievement for both the FASB and the IASB,” said FASB chairman Russ Golden in a conference call with reporters. Click here for a link to the presentation from the webcast. By now, you likely know that there is a new revenue recognition standard that will soon be effective. Anne-Lise Vivier is Accounting Publications Managing Editor with Thomson Reuters Checkpoint. The core principle behind these converged standards is that revenue is to be recognized in order to “depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be … The new guidance serves as a converged standard from the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) —one that aligns revenue recognition practices throughout the world. by Kevin Lalor | Oct 21, 2013. 2014-09, Revenue from Contracts with Customers, and the International Accounting Standards Board (IASB) issued International Financial Reporting Standards (IFRS) 15, Revenue from Contracts with Customers. Except for a few minor differences, the revenue recognition standard released by FASB and the International Accounting Standards Board (IASB) in May 2014 contained converged financial reporting guidance. During the first half of 2014, the FASB and the IASB will issue new accounting standards for recognizing revenue from contracts with customers. In his speech, he challenged the country to a goal of putting a man on the moon within the next decade. All non-public US GAAP entities are required to … 1 of its five-step … The International Accounting Standards Board (IASB) followed suit on July 22, 2015, despite fewer complaints about the new guidance from companies that … But that handful of differences in the revisions that the boards plan to propose could move their guidance further apart. The following list provides … Joint FASB/IASB Webcast On September 15, 2016 the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) jointly hosted a webcast about implementing the requirements in Revenue from Contracts with Customers (Topic 606 and IFRS 15). The FASB met on Wednesday, May 20, 2020 and voted to extend the effective date of Topics 606, Revenue from Contracts with Customers, and 842, Leases, for certain entities and has directed the staff to draft a final Accounting Standards Update (ASU) for vote by written ballot. On 28 May 2014, the IASB and the FASB jointly issued a new standard on revenue recognition titled “Revenue from Contracts with Customers”, IFRS 15 for IFRS and ASC 606 for US GAAP. Since many companies operate businesses globally, the IASB and the FASB often work together, with both entities contributing toward global accounting standards. This document will focus on the guidance in ASU No. FASB Discusses Progress on Implementation On November 29, … At their joint meeting, the IASB and FASB (“the Boards”) discussed several issues that were highlighted during joint IASB-FASB Revenue Transition Resource Group (TRG) discussions. The boards intend to improve … The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) today published for public comment a discussion paper setting out a joint approach for the recognition of revenue. Both the FASB and the IASB collaborated to revise the standards used for revenue recognition. The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have undertaken several projects to unify the accounting methods for various topics world- wide. The International Accounting Standards Board has yet to vote on its proposed deferral of one year. The FASB also sets … The FASB delays landmark revenue recognition standard. PwC’s Leases guide is a comprehensive resource for lessees and lessors to account for leases under the new leases standard (ASC 842). Although IFRSs have fewer requirements on revenue recognition, the two main revenue recognition standards, IAS 18 Revenue and IAS 11 Construction Contracts, can be difficult to understand and apply. 2014-09, Revenue from Contracts with Customers, … On May 25, 1961, President John F Kennedy gave a speech to a joint session of Congress focused on the need to stay ahead of the Soviet Union in regards to technology and space exploration. This guide was fully updated in October 2020. On July 9, 2015, the Financial Accounting Standards Board (FASB) officially deferred implementation of the landmark global revenue recognition accounting standard by one year. If adopted, the proposal would create a single revenue recognition standard for International Financial Reporting Standards … On May 28, 2014, the FASB and the International Accounting Standards Board (IASB) issued a converged standard on reco gnition of revenue from contracts with customers. 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