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25/08/2011 | EFRAG invites companies to participate in the field-testing of the forthcoming revised proposals on Revenue Recognition

EFRAG, in partnership with European National Standard Setters and in close coordination with the IASB, will conduct field-testing of the revised IASB proposals on revenue recognition, which are expected to be published by the end of September 2011. The purpose of the field-testing is to identify potential implementation and application concerns, and to estimate the effort required to implement and apply the proposals.

What is field-testing and what will participants be expected to do?

Field-testing involves testing of the proposals by applying them to actual transactions.  Participants will be asked to select a number of contracts, apply the full set of proposals to them and to report any issues that they experience.  The time required to perform the tests and document the results will depend on the nature and complexity of operations of each participant.  Participants also will be asked to describe and estimate the expected impact of the new requirements on their financial position and performance, and the effort needed to implement the changes. 

When and how will the field-testing be conducted?

Participants in the field-testing will be selected throughout September 2011.  Once the Exposure Draft is issued, participants will have four to five weeks to study the proposals and to apply them to selected contracts.  The findings of the participants will be discussed in workshops, which will be organised by industry, in November 2011.  The workshops will be run by EFRAG staff in cooperation with the representatives of the European National Standard Setters and the IASB.

Would you like to participate?

The field-testing offers an opportunity to put the proposals to the test and to influence them based on your own experience.

All companies are welcome to participate, but we particularly welcome participants from:
• telecommunications industry;
• software industry;
• pharmaceutical industry;
• industries operating under long-term contracts, including construction / engineering industry and service providers; and
• utilities industry.

If you would like to participate in the field-testing, please contact Filipe Alves at Filipe.Alves@efrag.org.  Please respond by 15 September 2011.

If you have any questions or would like to receive more information about the field-testing, please contact Filipe Alves or Rasmus Sommer at EFRAG.

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