IASB Bows Out of Revenue Standard Advisory Panel
The International Accounting Standards Board (“IASB”) has withdrawn participation from future meetings of the Transition Resource Group (“TRG”), the advisory panel assigned to address questions concerning its revenue recognition standard. Announced last month, the IASB said it was done making changes to International Financial Reporting Standards 15, Revenue From Contracts With Customers, and was ready for businesses to begin the implementation process. Moving forward, the IASB will make itself available for consultation if necessary.
In the meantime, the Financial Accounting Standards Board will continue participation with the advisory panel in regard to its revenue recognition standard, Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers. Future meetings are scheduled for Monday, April 18th; Monday, July 25th; and Monday, November 7th.