Public Companies Urged to Use Revenue Standard Panel’s Meeting Minutes
As the Financial Accounting Standards Board’s (“FASB”) revenue recognition standard prepares to take effect in 2018, Securities and Exchange Commission (“SEC”) Chief Accountant James Schnurr is pushing public companies to follow the guidance in the Transition Resource Group’s (“TRG”) meeting minutes when implementing Accounting Standards Update (ASU) No. 2014-09, Revenue From Contracts With Customers. At last week’s SEC Speaks conference, Schnurr said while the TRG’s conclusions are not authoritative, companies should still use them in practice. Additionally, any alternative approach a company takes must be communicated to the SEC. FASB Vice Chairman and TRG Co-Chairman Jim Kroeker praised Schnurr’s comments,. Read More.
Topics: Accounting Standards Update "ASU", American Institute of Certified Public Accountants "AICPA", Financial Accounting Standards Board "FASB", Joint Transition Resource Group for Revenue Recognition, Revenue Recognition, U.S. Securities and Exchange Commission "SEC"
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The International Accounting Standards Board (“IASB”) has withdrawn participation from future meetings of the Transition Resource Group (“TRG”), the advisory panel assigned to address questions concerning its revenue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. Read More.