|
Description :
|
The IASB and FASB (the Boards) are jointly developing a fully-converged revenue standard that would be applied to revenue-generating activities in contracts with customers only. As part of this joint project, on 24 June 2010, the Boards published an Exposure Draft Revenue from Contracts with Customers (the ED) for public comment.
The ED proposed a single revenue recognition model in which an entity recognises revenue as it satisfies a performance obligation by transferring control over a promised good or service to a customer. The ED proposed that a single revenue recognition model be applied consistently to various transactions in different industries.
The ED proposed that a new standard on accounting for revenue arising from contracts with customers would replace IAS 11 Construction Contracts, IAS 18 Revenue, IFRIC 13 Customer Loyalty Programmes, IFRIC 15 Agreements for the Construction of Real Estate, IFRIC 18 Transfers of Assets from Customers and SIC–31 Revenue-Barter Transactions Involving Advertising Services.
Based on the comments received in response to the ED, the Boards began its re-deliberation activities in December 2010. The re-deliberations until April 2011 are summarised in the document 'IASB Redeliberations April 2011.pdf' below. The document also contains some examples illustrating the effects of the proposals. The document is prepared for EFRAG's outreach activities in May 2011.
Click here
to access the IASB project page.
In November 2011, the IASB issued a revision of the ED. The revised exposure draft is dealt with on the following project page:
ED Revenue from Contracts with Customers (re-exposure)
|
