IT'S A START BUT MORE IS NEEDED

摘要

There are mixed views on the International Accounting Standards Board's and the US Financial Accounting Standards Board's joint approach to revenue recognition, a recent ICAEW Financial Reporting Faculty event has revealed.rnThe institute has significant reservations about how any future standard might be developed based on the current proposals, and believes it will be necessary to publish a further discussionrnpaper before moving to an exposure draft.rnThe IASB/FASB proposal aims to develop a single revenue recognition model, for consistent application, regardless of industry, to improve existing guidance in both IFRS and US GAAP.