Revenue Recognition: Boards Decide on Scope and Certain Industry-Specific Issues

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Date: Feb. 04, 2013

Financial Reporting Network

OBJECTIVES:  This podcast provides a high level summary of recent decisions reached at the January 2013 Joint FASB and IASB Board meeting. The Boards made tentative decisions on their revenue recognition project relating to the scope of the proposed standard, application of the standard to sales of nonfinancial assets that are not an output of a vendor’s ordinary activities, application of the proposals to certain asset management contracts and accounting for certain repurchase agreements. The Boards were also provided with a summary of feedback received on the proposed disclosure and the transition provisions, although no decisions were made on these in this meeting.