The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) (collectively, the Boards) have elected to formally expose their joint revenue recognition proposal for a second time because they have made significant changes to the model they proposed last year. Their decision will delay the project, possibly until September 2012, according to the staff paper presented to the Boards, but will give constituents a chance to comment on the changes.
We support the Boards’ decision to re-expose and strongly encourage companies to re-evaluate the proposed revised model and provide feedback to the Boards.
We will provide more information about this discussion as well as other recent tentative decisions reached by the Boards in a publication to be issued in the next few days.
