Mar 20, 2015
From the Financial Reporting Network
This edition of Defining Issues reports that at their joint March 2015 meeting, the FASB and IASB each proposed amendments to their respective revenue recognition standards to provide additional practical expedients for transition. The FASB will propose a practical expedient to allow an entity to present sales taxes on a net basis as an accounting policy. The FASB also decided to clarify the guidance on noncash consideration and collectibility. The FASB directed the staff to continue to explore possible clarifications to the principal versus agent guidance. The IASB will monitor the FASB’s standard setting to determine whether it needs to change its standard to maintain convergence.