FASB and IASB Form Joint Transition Resource Group
Announced by the Financial Accounting Standards Board (“FASB”) and International Accounting Standards Board (“IASB”), the Joint Transition Resource Group for Revenue Recognition (“the Group”) will notify both boards of any issues businesses experience when implementing new guidance. Group members consist of financial statement preparers, auditors and users from various industries and locations, and public and private organizations.
Scheduled to meet for the first time on July 18th, the Group will hold two meetings this year and four next year. All meetings will be open to the public, and co-chaired by the FASB and IASB’s vice chairmen.
Although the Group will not issue guidance, stakeholders will be able to learn about new standards from others included with the implementation process. In addition, stakeholders can submit probable implementation issues to be discussed at the Group’s meetings. Each stakeholder submission will be reviewed by the boards, as well as given proper discussion priority at the meetings.
For the Group’s news release, visit the FASB’s website.