Dataline: Revenue from contracts with customers -- The responses are in... (No. 2010-45)

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The FASB and IASB received over 960 comment letters in response to their June 24, 2010 exposure draft, Revenue from Contracts with Customers. The comment period closed on October 22, 2010. A number of recurring themes were noted in the comment letters, even across industries. Areas of focus included transfer of control, identification of performance obligations, determining the transaction price, transition, segmentation, accounting for warranties, licenses of intellectual property, and disclosure requirements. The boards expect to issue the final standard in 2011, with a likely effective date no earlier than 2014. This Dataline summarizes key aspects of the proposed standard as well as the themes in comment letters received by the boards.