News Release 05/29/14

IASB AND FASB HOST LIVE WEBCAST ON NEW REVENUE RECOGNITION STANDARD


Norwalk, CT, May 29, 2014
—The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) will host IN FOCUS: Revenue from Contracts with Customers, a live, one hour webcast that provides a high-level overview of its new guidance on revenue recognition. The webcast takes place on Thursday, June 5, beginning at 10:00 a.m. Eastern Daylight Time/3:00 p.m. British Summer Time.

The webcast is offered free of charge to those who preregister for the event. Additionally, U.S. participants in the live broadcast will be eligible for up to 1 hour of continuing professional education (CPE) credit.

The webcast will feature IASB Member Patricia McConnell and FASB Member Larry Smith discussing the Boards’ new guidance. The areas covered will include:
  1. Background of the project and expected improvements
  2. An overview of the five-step model and detailed discussion around key topics, including recognizing revenue over time, contract costs, disclosures, transition, and effective date
  3. A discussion of the Transition Resource Group
  4. A question & answer period.
An archive of the webcast will be available on the IASB and FASB websites through Wednesday, September 3, 2014. (CPE credit is not available to those who view only the archived webcast, nor is it available for group viewings of the live broadcast.)

For more information about the webcast, log on to www.ifrs.org or www.fasb.org.

Contacts:

Christine Klimek, Senior Manager, Communications, Financial Accounting Foundation
Telephone: 203.956.3459
Email: clklimek@f-a-f.org

Chris Welsh, Communications Manager, IFRS Foundation
Telephone: +44 (0)20 7246 6495
Email: cwelsh@ifrs.org


About the Financial Accounting Standards Board

Since 1973, the Financial Accounting Standards Board has been the designated organization in the private sector for establishing standards of financial accounting and reporting. Those standards govern the preparation of financial reports and are officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants. Such standards are essential to the efficient functioning of the economy because investors, creditors, auditors, and others rely on credible, transparent, and comparable financial information. For more information about the FASB, visit our website at www.fasb.org.

About the International Accounting Standards Board

The IASB was established in 2001 and is the standard-setting body of the IFRS Foundation, an independent, private sector, not-for-profit organization. The IASB is committed to developing, in the public interest, a single set of high quality, global accounting Standards that provide high quality, transparent and comparable information in general purpose financial statements. In pursuit of this objective the IASB conducts extensive public consultations and seeks the co-operation of international and national bodies around the world. The IASB has 16 full-time members drawn from 11 countries and a variety of professional backgrounds. Board members are appointed by, and accountable to, the Trustees of the IFRS Foundation, who are required to select the best available combination of technical expertise and diversity of international business and market experience. In their work the Trustees are accountable to a Monitoring Board of public authorities.