The release date for the standard was confirmed to FEI Daily by a Financial Accounting Standards Board (FASB) spokesperson, and was announced on the International Accounting Standards Board's (IASB) website earlier today.
The IASB's announcement carefully states the board "expect(s) to issue" their standard on May 28, and that FASB's version of the standard "will be issued at the same time."
We can pretty much be assured at this point in time that the boards will, for all intents and purposes, indeed release on May 28:
- International Financial Reporting Standard (IFRS) 15: Revenue From Contracts With Customers, and
- FASB's Accounting Standards Update (ASU): Revenue from Contracts with Customers
The final revenue recognition standards, also referred to as 'rev rec,' represent the completion of one of the last of the major convergence projects set forth in the FASB and IASB's Memorandum of Understanding. The IASB's announcement further describes the FASB and IASB's forthcoming final rev rec standards as being "substantially the same."
Financial Executives International (FEI) will host a full-day conference at the Grand Hyatt Hotel in New York City on June 16, 2014 on the new revenue recognition standard. The conference is entitled Revenue Recognition: Guidance, Changes and Implementation. See the full list of more than 26 leading speakers and register here.
More About IFRS
In related news on the International Financial Reporting Standards (IFRS) front, U.S. Securities and Exchange Chairman Mary Jo White gave a brief history of the SEC's consideration of the use of IFRS by U.S. companies over the past four years (since the SEC's 2010 statement on global accounting standards), during her remarks earlier this week at a dinner of the Financial Accounting Foundation's Trustees. Read more on that topic, as well as the subject of audit committees and the SEC's Disclosure Initiative in: SEC Looks at Changing Audit Committee Reports.
Also on IFRS, see: IFRS Foundation Funding OK'd by European Parliament, Pending Study.