July 6, 2010

FASB & IASB Issue Joint Proposal on Revenue Recognition

Recently, the FASB and IASB issued a joint proposed standard for a new approach to revenue recognition that would align the financial reporting of revenue from contracts with customers and related costs and create a single standard for IFRSs and GAAP that would be applied across various industries and capital markets. As noted in this joint press release, the comment period ends October 22nd, with a goal of adopting a new standard by June 2011.

As noted in FEI’s “Financial Reporting Blog” last week, the FASB and IASB announced the release of a “Staff Draft” of their upcoming Exposure Draft of significant proposed changes to financial statements, as part of the Financial Statement Project.

Accounting Convergence: FASB & IASB Update Their Progress

At the same time, the FASB and IASB issued a progress report on their convergence project, which provides details of their modified strategy to converge US GAAP and IFRS by prioritizing certain joint projects and extending the targeted completion dates for some projects beyond June 2011 into the second half of the year. We continue to post memos on this project in our “IFRS” Practice Area.

I’m loving the “Back to the Future” snafu where tweetheads went wild yesterday with thoughts of hoverboards. As noted in this blog, yesterday’s calendar date – July 5, 2010 – was alleged to be the target entered by Dr Emmett “Doc” Brown into the DeLorean time machine. But alas, it is not true. Slackers…

More on “The Mentor Blog”

We continue to post new items daily on our blog – “The Mentor Blog” – for members. Members can sign up to get that blog pushed out to them via email whenever there is a new entry by simply inputting their email address on the left side of that blog. Here are some of the latest entries:

– Study: Twitter Reduces Bid-Ask Spreads
– CalPERS Won’t Issue a Focus List After Successful Engagement
– Drafting Standing Delegations of Authority from the Board: Factors to Consider
– PIPEs: Canadian Survey
– A Self-Funded SEC: Making the Case

– Broc Romanek