NEWS RELEASE 02/17/12

FASB and IASB to Host a Series of Outreach Meetings on Revised Revenue Recognition Proposals

London and Norwalk, CT, February 17, 2012—The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) will host a series of outreach meetings in March, April and May 2012 on their revised joint proposals for the recognition of revenue that were published in November 2011.

The meetings form an important part of the boards’ program of outreach activities on this second set of the revenue recognition proposals and they reflect the importance of revenue to all companies. To date, the boards have already hosted a number of workshops, webcasts and conferences on the topic and have held a number of meetings with auditors, preparers, regulators and users.

The roundtable meetings will be held in public and will provide an opportunity for those who have submitted a comment letter, or who still intend to submit a comment letter, to discuss the proposals with the boards in further detail. The meetings will take place in London (UK), Norwalk (US) and Tokyo (Japan) in April; an additional roundtable meeting will take place for U.S. private companies in May 2012.

In addition, the IASB will host further outreach meetings during the week commencing March 26, 2012 in Sao Paulo (Brazil) and Kuala Lumpur (Malaysia). Details of those events will be announced on the IASB’s website in the coming weeks.

An audio recording of the roundtable discussions will be made available shortly after each roundtable on www.ifrs.org and www.fasb.org

Roundtable Meetings: Details and Registration Process

Registration information for the U.S. roundtable meetings is available on the revenue recognition project page on the FASB’s website (www.fasb.org).

To register for the Tokyo roundtable meetings, please send an email to Takehiro Okamoto, ASBJ t.okamoto@asb.or.jp.

To register for the London roundtable meetings and to register your interest in the discussion forums, please send an email to roundtables@ifrs.org.

In the email, please indicate:

  • your name;
  • your organization;
  • the main type of interest you are representing (eg, investor, auditor, preparer, private company, etc.); and
  • whether you wish to attend as a participant or an observer. 
The boards aim to ensure that a broad range of views are heard at the roundtable meetings. Therefore, only one participant per organization is permitted in the roundtable meetings and no more than three observers from the same organization may attend.

Roundtables—Details

Tokyo – April 4, 2012

Accounting Standards Board of Japan
Fukoku Seimei Building
20F, 2-2-2, Uchisaiwaicho
Chiyoda-ku
Tokyo, Japan 100-0011
Japan
Meeting time: 9:00 a.m. – 12:00 p.m. JST
Registration deadline: March 16, 2012
Contact: t.okamoto@asb.or.jp

London – April 20, 2012

IASB Office
First Floor
30 Cannon Street
London EC4M 6XH
United Kingdom
Meeting times: 9:00 a.m. – 12:00 p.m. BST and 1:00 p.m. – 4:00 p.m. BST
Registration deadline: March 30, 2012
Contact: roundtables@ifrs.org

Norwalk – April 26, 2012

FASB Office
401 Merritt 7
Norwalk, CT 06856-5116
Meeting times: 9:00 a.m. – 12:00 p.m. EDT and 1:00 p.m. – 4:00 p.m. EDT
Registration deadline: March 30
Contact: lbagwell@fasb.org

Salt Lake City – May 8, 2012
(For Private Cos.)

Marriott Salt Lake City Center
220 South State Street
Salt Lake City, UT 84111
Meeting times: 9:30 a.m. – 12:30 p.m. MDT
Registration deadline: April 20, 2012
Contact: lbagwell@fasb.org


Press Inquiries:


Christine Klimek, Senior Manager, Media Relations
Financial Accounting Foundation
Telephone: +1 (203) 956-3459
Email: clklimek@f-a-f.org

Sonja Lardeau, Communications Manager, IFRS Foundation
Telephone: +44 (0)20 7246 6463
Email: slardeau@ifrs.org



Notes to Editors

About the FASB

Since 1973, the U.S. 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 its Website at www.fasb.org.

About the IASB

The IASB was established in 2001 and is the standard-setting body of the IFRS Foundation, an independent, private sector, not-for-profit organisation. 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 15 full-time members drawn from 11 countries and a variety of professional backgrounds. By 2012 the Board will be expanded to 16 members. 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. For more information visit www.ifrs.org.