The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) today formally announced plans to create a joint transition resource group focused on the upcoming final converged standard on revenue recognition. 

 

The transition group will be responsible for informing the IASB and the FASB about interpretive issues that could arise when companies, institutions, and other organisations implement the revenue recognition standard. It will solicit, analyse, and discuss stakeholder issues that apply to common transactions that could reasonably create diversity in practice. In addition to providing a forum to discuss the application of the requirements, the transition group will provide information that will help the Boards determine what, if any, action will be needed to resolve that diversity. The group itself will not issue guidance. 

 

Read the full press release.