Executive Summ Revenue Recognition In Ifrs
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Revenue Recognition in IFRS: Proposed Contract Based Model Executive Summary: Revenue recognition standards in IFRS are governed by IAS 11(Construction contracts) and IAS 18 (Revenue). IASB observed that the principles underlying these standards are inconsistent, vague and incomplete. US FASB also noted that though the US GAAP comprises more than hundred revenue recognition standard, which are industry specific, they produce conflicting results for economically similar transactions. To overcome these limitations, IASB and FASB initiated a joint project with an objective to clarify the principles governing the revenue recognition so that companies can apply it consistently across various industries and transactions. In December 2008, the IASB and the FASB published a discussion paper titled “Preliminary Views on Revenue Recognition in contract with customers”. This article attempts to summarize the salient point of the proposed revenue recognition standard. It covers the topic namely – The Need for New Model, New Model Definition, Revenue measurement, Impact on current practices and issues to be addressed before adoption as a standard.
[Type the company name] |
Revenue Recognition in IFRS: Proposed Contract Based Model Executive Summary: Revenue recognition standards in IFRS are governed by IAS 11(Construction contracts) and IAS 18 (Revenue). IASB observed that the principles underlying these standards are inconsistent, vague and incomplete. US FASB also noted that though the US GAAP comprises more than hundred revenue recognition standard, which are industry specific, they produce conflicting results for economically similar transactions. To overcome these limitations, IASB and FASB initiated a joint project with an objective to clarify the principles governing the revenue recognition so that companies can apply it consistently across various industries and transactions. In December 2008, the IASB and the FASB published a discussion paper titled “Preliminary Views on Revenue Recognition in contract with customers”. This article attempts to summarize the salient point of the proposed revenue recognition standard. It covers the topic namely – The Need for New Model, New Model Definition, Revenue measurement, Impact on current practices and issues to be addressed before adoption as a standard.
[Type the company name] |
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