Revenue Recognition: Boards Agree to Clarify Guidance on Collectibility, Constraining Variable Consideration, and Accounting for Consideration Received Without Having a Contract with Customer

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Date: July 29, 2013

From the Financial Reporting Network

OBJECTIVE:  This podcast provides a high level summary of recent decisions reached at the July 2013 Joint FASB and IASB Board meeting. The Boards reached tentative decisions to clarify guidance on collectibility, constraining variable consideration, and accounting for consideration received without having a contract with a customer.