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  • FASB proposes clarifications to its new revenue standard
    The amendments which are being proposed in response to feedback received by the FASB IASB joint revenue recognition transition resource group TRG include the following Collectibility and contract termination Presentation of sales tax collected from customers Noncash consideration Contract modifications at transition Completed contracts at transition Transition technical correction The proposed ASU s effective date and transition provisions would be aligned with the requirements of ASU 2014 09 which once finalised will be deferred by one year Comments on the proposed ASU are due by 16 November 2015 In July 2015 the IASB also issued an ED proposing clarifications to its new revenue standard IFRS 15 Revenue from Contracts with Customers The FASB s proposed ASU states The amendments in this proposed Update are not identical to those proposed by the IASB and some are incremental to the amendments proposed by the IASB The FASB expects that the amendments in this proposed Update would not result in financial reporting outcomes that are significantly different from those reported under IFRS for similar transactions For more information see Deloitte s Heads Up newsletter and the press release and proposed ASU on the FASB s website Related Topics Resources Financial Accounting Standards Board FASB Jurisdictions United States of America Projects Revenue recognition Clarifications to IFRS 15 Issues emerging from TRG discussions Standards IFRS 15 Revenue from Contracts with Customers Other US GAAP Related news FASB adds four projects to research agenda 08 Feb 2016 FASB constituents of the TRG will continue to meet 02 Feb 2016 Summary of the December 2015 ASAF meeting now available 22 Jan 2016 IASB says TRG not scheduled to meet again 22 Jan 2016 IFRS Foundation publishes proposed IFRS Taxonomy update for IFRS 16 Leases 21 Jan 2016 FASB and ASBJ hold biannual meeting 15 Jan 2016 All

    Original URL path: http://www.iasplus.com/en/news/2015/09/fasb-revrec-clarifications/view (2016-02-10)
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  • New revenue standard — SEC encourages elevation of implementation issues to the FASB/IASB joint transition resource group
    s new revenue standard issued as ASU 2014 09 2 by the FASB and IFRS 15 3 by the IASB including the ongoing collaboration between preparers auditors and standard setters In his speech before the AICPA National Conference on Banks Savings Institutions Mr Schnurr reminded constituents that they will often need to use significant judgment in implementing the new revenue standard but that the ultimate goal is to ensure consistent implementation across industries Specifically he stated While industry group involvement is important it is even more important that the issues identified at the industry group level are elevated for broader consideration and any important interpretative questions are resolved so that we maintain consistent application of the revenue recognition principles across all industries In his speech at the Bloomberg BNA Conference on Revenue Recognition Mr Bricker stressed the importance of understanding the standard s effect on revenue arrangements Some may believe that nothing has changed for their company he said That may be true but I caution you to take this time to refresh your thinking about your arrangements with your customers Take seriously how the change in existing revenue literature or additional guidance provided by the standard impacts your arrangements Mr Schnurr and Mr Bricker both were concerned that the AICPA s 16 industry task forces have elevated relatively few issues to the FASB IASB revenue transition resource group As Mr Schnurr noted As the degree of work intensifies at the industry group level I anticipate that a significant amount of debate may take place with respect to implementation questions particularly scope related questions In this regard our office does not believe it would be appropriate for industry groups to agree to disagree or to agree on a specific accounting treatment when there are real concerns as to whether that accounting treatment is consistent with the standard He further stated It would be unfortunate if key questions or issues of disagreement or concern are not appropriately escalated due to concerns that if escalated the resolution of the accounting would change an existing practice or result in an accounting treatment that the industry did not prefer Rather the time is now to escalate these issues and ensure they are resolved at the appropriate level Mr Schnurr s speech also included remarks on credit impairment the latest thinking on IFRSs and independent standard setters 1 The full text of the Schnurr and Bricker speeches is available on the SEC s Web site 2 FASB Accounting Standards Update No 2014 09 Revenue From Contracts With Customers 3 IFRS 15 Revenue From Contracts With Customers Related Topics Publication series Accounting Journal Entries Resources US Securities and Exchange Commission SEC Standards IFRS 15 Revenue from Contracts with Customers Related news FASB constituents of the TRG will continue to meet 02 Feb 2016 IASB says TRG not scheduled to meet again 22 Jan 2016 IFRS Foundation publishes proposed IFRS Taxonomy update for IFRS 16 Leases 21 Jan 2016 SEC speeches on IFRSs at the annual AICPA

    Original URL path: http://www.iasplus.com/en/publications/us/aje/2015/0925/view (2016-02-10)
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  • Revenue resources
    Group EFRAG has issued a draft comment letter on the IASB exposure draft ED 2015 6 Clarifications to IFRS 15 Heads Up FASB proposes amendments to new revenue standard s guidance on principal versus agent considerations 01 Sep 2015 This Heads Up Up summarizes the key provisions of the FASB s proposed ASU that would amend the Board s new revenue standard to address issues raised regarding how an entity should assess whether it is the principal or the agent in contracts that include three or more parties principal versus agent considerations In addition this newsletter reproduces the proposed ASU s 1 questions for respondents and 2 illustrative examples that would amend or supplement the new revenue standard s existing examples FASB proposes guidance on principal versus agent considerations 31 Aug 2015 The FASB has issued a proposed ASU Principal Versus Agent Considerations Reporting Revenue Gross Versus Net IFRS in Focus IASB proposes clarifications to IFRS 15 28 Aug 2015 This edition outlines the proposed clarifications to IFRS 15 Revenue from Contracts with Customers set out in the recent exposure draft ED 2015 6 Clarification to IFRS 15 which was issued in July 2015 for public comment FASB issues ASU to defer the effective date of the new revenue standard 13 Aug 2015 Yesterday the FASB issued ASU 2015 14 which defers the effective date of the Board s revenue standard ASU 2014 09 by one year for all entities and permits early adoption on a limited basis FASB issues ASU deferring the effective date of the new revenue standard 12 Aug 2015 The FASB has issued an ASU Revenue From Contracts With Customers Topic 606 Deferral of the Effective Date which defers for one year the effective date of the new revenue standard for public and nonpublic entities reporting under U S GAAP IFRS in Focus Joint meeting on Revenue July 2015 04 Aug 2015 This newsletter summarises the July 2015 meeting of the IASB and FASB joint revenue transition resource group IASB proposes clarifications to IFRS 15 30 Jul 2015 The International Accounting Standards Board IASB has published an Exposure Draft ED 2015 6 with proposed clarifications of IFRS 15 Revenue from Contracts with Customers Comments are requested by 28 October 2015 EFRAG supports the IASB s deferral of IFRS 15 29 Jul 2015 On 17 March 2015 the European Financial Reporting Advisory Group EFRAG submitted an endorsement advice letter to the European Commission EC that recommended IFRS 15 be adopted with the effective date set by the IASB This phrase means that if the IASB should at a future point of time decide to delay the effective date it will also be delayed in Europe With the IASB s decision at its 22 July 2015 meeting to defer the effective date of IFRS 15 by one year the EFRAG has notified the EC that it recommends the 1 January 2018 effective date as set by the IASB for application in Europe EFRAG endorsement status report 23 July

    Original URL path: http://www.iasplus.com/en/collections/revenue?b_start:int=20 (2016-02-10)
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  • Revenue resources
    one year We also encourage the IASB and the FASB to continue with the targeted clarifications to the revenue requirements to ensure that a converged stable and operational standard is available to preparers sufficiently far in advance of the effective date Lastly we encourage the IASB to continue to monitor the implementation progress to make sure the revised effective date remains appropriate Deloitte comment letter on IASB ED 2015 2 Effective Date of IFRS 15 Appendix 06 Jul 2015 Deloitte Touche Tohmatsu Limited has responded to the International Accounting Standards Board s IASB Exposure Draft ED 2015 2 Effective Date of IFRS 15 and has appended the response of Deloitte Touche in the U S to the corresponding FASB proposal to its response ASBJ urges FASB to wait for IASB with changes to revenue recognition requirements 03 Jul 2015 The Accounting Standards Board of Japan ASBJ has responded to the proposed revenue ASU on licensing and identifying performance obligations the FASB published for comment in May EFRAG endorsement status report 29 June 2015 30 Jun 2015 This endorsement status report update reflects several expected delays in the endorsement of IFRS for the use in the European Union Most notable is a delay in the endorsement of IFRS 15 which is now expected in the first quarter of 2016 Boards address principal versus agent considerations in new revenue standard 26 Jun 2015 This week the FASB and IASB tentatively decided to amend the new revenue standard to address issues that have been raised related to how an entity should assess whether it is the principal or agent in contracts that include three or more parties i e principal versus agent considerations Chief Accountant of the SEC believes former SEC Chairman s call for burying IFRS was premature 08 Jun 2015 At a financial reporting conference in California Jim Schnurr Chief Accountant of the US Securities and Exchange Commission SEC confirmed that the SEC does not intend to bury the objective of a single set of high quality globally accepted accounting standards IFRS in Focus IASB proposes amendments to IFRS 15 to defer the effective date by one year 20 May 2015 This newsletter summarises the May 2015 Exposure Draft aimed at deferring the effective date of IFRS 15 Revenue from Contracts with Customers to 1 January 2018 IASB officially proposes to defer the effective date of IFRS 15 19 May 2015 The International Accounting Standards Board IASB has published the expected Exposure Draft ED aimed at deferring the effective date of IFRS 15 Revenue from Contracts with Customers to 1 January 2018 Comments are requested by 3 July 2015 Heads Up FASB issues proposed revenue ASU on licensing and identifying performance obligations 13 May 2015 This Heads Up discusses the FASB s recently issued proposed Accounting Standards Update ASU Identifying Performance Obligations and Licensing which would amend certain aspects of the guidance on these topics in the Board s May 2014 revenue standard Revenue From Contracts With Customers ASU 2014 09

    Original URL path: http://www.iasplus.com/en/collections/revenue?b_start:int=40 (2016-02-10)
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  • Revenue resources
    standard for one year 01 Apr 2015 This Heads Up discusses the FASB s tentative decision to defer for one year the effective date of FASB Accounting Standards Update No 2014 09 Revenue From Contracts With Customers for public and nonpublic entities reporting under U S GAAP US FASB tentatively decides to defer the new revenue standard 01 Apr 2015 At its meeting today the US Financial Accounting Standards Board FASB tentatively decided to defer for one year the effective date of the new revenue standard ASU 2014 09 Revenue From Contracts With Customers for public and nonpublic entities reporting under US GAAP Implementing IFRS 15 Revenue from Contracts with Customers A practical guide to implementation issues for the aerospace and defence industry 31 Mar 2015 This guide is intended to provide an overview of applying IFRS 15 within the aerospace and defence industry The guidance provided here is not intended to be exhaustive but aims to highlight some of the potential issues to consider and to indicate how those issues might be approached Implementing IFRS 15 Revenue from Contracts with Customers A practical guide to implementation issues for the travel hospitality and leisure sector 26 Mar 2015 This guide is intended to provide an overview of applying IFRS 15 within the travel hospitality and leisure sector The guidance provided here is not intended to be exhaustive but aims to highlight some of the potential issues to consider and to indicate how those issues might be approached Agenda for the Joint Transition Resource Group for Revenue Recognition meeting 23 Mar 2015 The agenda has been released for the upcoming meeting of the Joint Transition Resource Group for Revenue Recognition TRG which is being jointly held at the offices of the IASB and FASB on 30 March 2015 The TRG will discuss a number of topics related to the boards new revenue standard Revenue From Contracts With Customers issued as IFRS 15 by the IASB and ASU 2014 09 by the FASB Heads Up FASB continues to clarify the new revenue standard 20 Mar 2015 This Heads Up summarizes the tentative decisions made by the FASB and IASB at their joint meeting on March 18 2015 to discuss implementation of the new revenue standard The decisions were about practical expedients upon transition sales tax presentation noncash consideration and collectibility EFRAG endorsement status report 18 March 2015 18 Mar 2015 This endorsement status report update reflects the issuance of the final EFRAG endorsement advice letter on IFRS 15 Revenue from Contracts with Customers Final endorsement of IFRS 15 is currently expected in the third quarter of 2015 EFRAG recommends adoption of IFRS 15 without deferral of the 2017 effective date 18 Mar 2015 The European Financial Reporting Advisory Group EFRAG has submitted to the European Commission its endorsement advice letter on IFRS 15 Revenue from Contracts with Customers As part of its assessment EFRAG considered whether it would recommend a deferral of the 1 January 2017 effective date included in IFRS 15

    Original URL path: http://www.iasplus.com/en/collections/revenue?b_start:int=60 (2016-02-10)
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  • Revenue resources
    2015 The agenda has been released for the third meeting of the Joint Transition Resource Group for Revenue Recognition TRG which is being jointly held at the offices of the IASB and FASB on 26 January 2015 The TRG will discuss a number of topics related to the boards new revenue standard Revenue From Contracts With Customers issued as IFRS 15 by the IASB and ASU 2014 09 by the FASB Summary of November GPF meeting now available 09 Dec 2014 Minutes of the meeting of the Global Preparers Forum GPF with representatives of the International Accounting Standards Board IASB held in London on Thursday 6 November 2014 are now available The meeting discussed a broad range of topics including a number of IASB active and research projects and IFRS Interpretations Committee issues SEC may propose a new approach to IFRS in the United States 04 Dec 2014 At a recent conference on the future of financial reporting hosted by the United States Chamber of Commerce Mr Jim Schnurr Chief Accountant at the Securities and Exchange Commission SEC provided some insights into the possible way forward for International Financial Reporting Standards IFRSs in the United States suggesting that another approach to IFRSs in the United States may be forthcoming in the near future He also gave some views on the revenue recognition and leases convergence projects Japan updates list of designated IFRSs 17 Nov 2014 The Financial Services Agency FSA of Japan has announced that additional IFRSs were designated for use by companies voluntarily applying IFRSs in Japan The announcement effectively includes all IASB pronouncements issued up to 30 June 2014 IFRS Foundation updates the IFRS Taxonomy 12 Nov 2014 The IFRS Foundation has published IFRS Taxonomy 2014 Interim Release 2 which updates the taxonomy for IFRS 15 and common reporting practice in transport and pharmaceuticals sectors IFRS in Focus Joint meeting on Revenue October 2014 10 Nov 2014 This newsletter provides summarises the October 2014 meeting of the IASB and FASB joint revenue transition resource group IFRS in Focus Joint meeting on Revenue July 2014 10 Nov 2014 This newsletter provides summarises the July 2014 meeting of the IASB and FASB joint revenue transition resource group Healthcare sector focus New revenue recognition model 06 Nov 2014 This infographic publication from Deloitte South Africa summarises the potential impacts of IFRS 15 Revenue from Contracts with Customers in the manufacturing sector Manufacturing sector focus New revenue recognition model 06 Nov 2014 This infographic publication from Deloitte South Africa summarises the potential impacts of IFRS 15 Revenue from Contracts with Customers in the manufacturing sector Energy and resources focus New revenue recognition model 06 Nov 2014 This infographic publication from Deloitte South Africa summarises the potential impacts of IFRS 15 Revenue from Contracts with Customers in the energy and resources sector TMT sector focus New revenue recognition model 06 Nov 2014 This infographic publication from Deloitte South Africa summarises the potential impacts of IFRS 15 Revenue from Contracts with Customers in the

    Original URL path: http://www.iasplus.com/en/collections/revenue?b_start:int=80 (2016-02-10)
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  • Revenue resources
    15 Revenue from Contracts with Customers EFRAG endorsement status report 15 October 2014 15 Oct 2014 This endorsement status report from the European Financial Reporting Advisory Group EFRAG reflects the issuance of a draft endorsement advice letter on IFRS 15 Revenue from Contracts with Customers Aerospace Defense Spotlight The converged revenue recognition model has landed 22 Sep 2014 This Aerospace Defense Spotlight discusses the new revenue model and highlights key accounting issues and potential challenges for A D entities that recognize revenue under U S GAAP or IFRSs Real Estate Spotlight E C entities prepare to implement the converged revenue model 22 Sep 2014 This Real Estate Spotlight discusses the new revenue model and highlights key accounting issues and potential challenges for E C entities that recognize revenue under U S GAAP or IFRSs IASB publishes editorial corrections 19 Sep 2014 The International Accounting Standards Board IASB has published its second batch of editorial corrections for 2014 The corrections impact a previous editorial correction consequential amendments stand alone standards and the IASB s A Guide Through IFRS 2013 2014 IFRS Blue Book and 2014 IFRS Red Book Process Industrial Products Spotlight Revenue recognition rebuilt 25 Aug 2014 This Process Industrial Products Spotlight discusses the framework of the new revenue model and highlights key accounting issues and potential challenges for P IP entities that recognize revenue under U S GAAP or IFRSs IFRS Foundation publishes additional proposal for IFRS Taxonomy 2014 22 Aug 2014 The IFRS Foundation has published Proposed Interim Release 2 to the IFRS Taxonomy 2014 for public comment Staff paper on issues in the application of IFRS 9 to Islamic finance 21 Aug 2014 The IASB s Consultative Group for Shariah Compliant Instruments and Transactions will meet in Kuala Lumpur on 5 September 2014 to discuss issues in the application of IFRS 9 Financial Instruments to Islamic finance To this end a staff paper has been prepared addressing issues in the classification of financial instruments under IFRS 9 Power Utilities Spotlight Generating a discussion about the FASB s new revenue standard 19 Aug 2014 This Power Utilities Spotlight discusses the new revenue model and highlights key accounting issues and potential challenges for P U entities that recognize revenue under U S GAAP or IFRSs Une vision claire des IFRS Secteur des télécommunications 07 Aug 2014 A French publication detailing the impact of IFRS 15 Revenue from Contracts with Customers on the Canadian telecommunications industry Une vision claire des IFRS Secteur des technologies 07 Aug 2014 Une vision claire des IFRS Secteur des technologies Une vision claire des IFRS Secteur des produits industriels 07 Aug 2014 A French publication detailing the impact of IFRS 15 Revenue from Contracts with Customers on the Canadian industrial products industry Une vision claire des IFRS Secteur des produits de consommation 07 Aug 2014 A French publication detailing the impact of IFRS 15 Revenue from Contracts with Customers on the Canadian consumer products industry Une vision claire des IFRS Secteur des médias 07 Aug

    Original URL path: http://www.iasplus.com/en/collections/revenue?b_start:int=100 (2016-02-10)
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  • Revenue resources
    Contracts with Customer which is identical to IFRS 15 issued by the IASB Media Entertainment Spotlight Navigating the new revenue standard 10 Jul 2014 This Media Entertainment Spotlight discusses the new revenue model and highlights key accounting issues and potential challenges for media and entertainment M E entities that account for revenue under U S GAAP Agenda for inaugural meeting of the Joint Transition Resource Group for Revenue Recognition 08 Jul 2014 The agenda has been released for the upcoming inaugural meeting of the Joint Transition Resource Group for Revenue Recognition TRG which is being jointly held at the offices of the International Accounting Standards Board IASB and United States Financial Accounting Standards Board FASB on 18 July 2014 The TRG will discuss a number of issues related to the recently issued IFRS 15 Revenue from Contracts with Customers and United States Accounting Standards Update No 2014 09 Revenue from Contracts with Customers Latest IASB Investor Perspectives published 27 Jun 2014 The International Accounting Standards Board IASB has released another edition in its Investor Perspectives series In this edition Patricia McConnell member of the IASB provides her perspectives on the new accounting requirements for revenue recognition Detailed interview regarding the new revenue framework in IFRS 15 23 Jun 2014 Robert Bruce hosts an interview with Phil Barden a Partner in the Deloitte UK IFRS Centre of Excellence and Amy Haworth a Senior Manager in the Deloitte UK IFRS Centre of Excellence to discuss in more detail IFRS 15 Revenue from Contracts with Customers Robert Bruce interviews A detailed look at the new revenue framework IFRS 15 Revenue from Contracts with Customers 23 Jun 2014 In this interview Robert speaks with Phil Barden a Partner in the Deloitte UK IFRS Centre of Excellence and Amy Haworth a Senior Manager in the Deloitte UK IFRS Centre of Excellence They discuss in greater detail the core principles underpinning the IFRS 15 framework and potential issues that certain IFRS reporters may encounter when implementing this standard They additionally discuss certain guidance that IFRS 15 introduces of which IFRS reporters will need to be aware such as disclosures contract modifications and customer options to purchase additional goods and services and transition options IFRS industry insights Implications of the new revenue recognition standard on the banking and securities sector 13 Jun 2014 This publication highlights issues from the new revenue recognition standard that will be of interest to those in the banking and securities sector IASB holds meetings with AOSSG and ASBJ 06 Jun 2014 The International Accounting Standards Board IASB held a series of meetings in Tokyo with the Asian Oceanian Standard Setters Group AOSSG the Accounting Standards Board of Japan ASBJ and others to discuss recent activities by the IASB Updated EFRAG endorsement status report includes IFRS 15 05 Jun 2014 The European Financial Reporting Advisory Group EFRAG has updated its Endorsement Status Report to include IFRS 15 Revenue from Contracts with Customers published on 28 May 2014 It also reflects an open status

    Original URL path: http://www.iasplus.com/en/collections/revenue?b_start:int=120 (2016-02-10)
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