United States

Revenue Transition Resource Group Discusses Issues

Jan 29, 2015
From the Financial Reporting Network and the IFRS Institute

This edition of Defining Issues reports that the Joint Transition Resource Group for Revenue Recognition (TRG) met for the third time on January 26, 2015, and discussed several issues related to the new revenue recognition standard. The FASB plans to make a decision about the effective date early in the second quarter of 2015, and will continue to meet with preparers, auditors, and financial statement users to complete their outreach. The Boards will hold a joint meeting in February to discuss potential clarifications on determining the nature of a license of intellectual property and the scope and application of the sales- and usage-based royalties exception and applying the distinct in the context of the contract criterion.

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