The IASB is undertaking a joint project with FASB on revenue recognition. The standard setters have returned to basics to develop concepts for revenue recognition, with a discussion paper due for release later in 2008.
Richard Keys' IFRS blog (May 2008) includes a short video with members of PwC's accounting consulting services (ACS) group discussing the project and forthcoming discussion paper. Richard says:
"In this two minute video, my colleagues Peter Hogarth and Katie Woods highlight some of the things to look out for in the IASB's discussion paper on revenue recognition, which is due out within the next few weeks. As we mentioned in August last year, this one could be important for you. When changes are made to revenue recognition policies, it often leads to the market amending its conclusions about share values.
The standard setters have gone right back to the drawing board on this one to come up with first principles. But there are a couple of different options being considered, so they really need to know what you think."
