United States

FASB and IASB Propose Clarifications to Revenue Standard

Feb 20, 2015
From the Financial Reporting View and the IFRS Institute

This edition of Defining Issues reports that at their joint February 2015 meeting, the FASB decided to propose amendments to the revenue recognition standard to clarify the guidance on accounting for licenses of intellectual property and identifying performance obligations. However, the IASB decided to make more limited clarifications to its standard. The FASB intends to issue an exposure draft in the near term with the objective of narrowing potential diversity in practice based on feedback received from constituents including the Transition Resource Group for Revenue. The FASB did not specify the length of the comment period.

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