During the recent meeting of Financial Executives International’s Committee on Corporate Reporting (CCR), participants were informed that the FASB only has one additional get together of its revenue recognition Transition Resource Group (TRG) scheduled for next month and only two items currently on the agenda for discussion.
As documented in the most recent edition of FEI’s What We Learned, the FASB is willing to continue with the revenue recognition TRG. However, the future of the implementation group will be “limited” unless preparers and industry groups identify, prepare and submit new issues to the FASB for discussion with the TRG, according to one U.S., Securities and Exchange Official.
While the new lease standard will bring significant changes to many company’s balance sheets, unlike revenue recognition, the FASB has no current plans to set up a TRG for the final lease standard as it is the current belief of the FASB that there are no significant new concepts or judgments that would warrant that level of implementation support. The Board was expected to meet yesterday to discuss the topic further and the final lease accounting standard may be issued at the end of the year or early in 2016.
Want to learn more about the future of revenue recognition and lease accounting? Click on the link below to download FEI’s most recent What We Learned on FEIconnect.
