News Release 06/06/14

NOW AVAILABLE FOR VIEWING: ARCHIVE OF IASB/FASB WEBCAST ON NEW REVENUE RECOGNITION STANDARD


Norwalk, CT, June 6, 2014
Stakeholders that missed yesterday’s live broadcast of IN FOCUS: Revenue from Contracts with Customers now can view an archived version of the one-hour webcast. The webcast features members and staff of the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) providing a high-level overview of the new accounting guidance on recognizing revenue in contracts with customers.

The archived webcast is available free of charge to those who register to view it. Registration and other information are available on the IASB and FASB websites. (Those who already had registered for the live webcast will be prompted to sign in with their email addresses; they do not need to register for a second time.)

Please note that Continuing Professional Education (CPE) credit is NOT available to those who view the archived webcast.

During the webcast, IASB Member Patricia McConnell and FASB Member Larry Smith provided information and addressed viewer questions about the Boards’ new revenue recognition guidance. Topics covered included:
  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, and
  3. A discussion of the Transition Resource Group.
The archived webcast will be available on the IASB and FASB websites through Wednesday, September 3, 2014.

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.