Dataline: Revenue from contracts with customers -- The constituents have been heard... (No. 2011-16)

Dataline 03/01/2011 by Assurance services

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 disclosures.At their January and February 2011 meetings, the boards began redeliberating their proposals, focusing on the common themes in the comment letters, and reached a number of tentative decisions. This Dataline summarizes key aspects of the proposed standard, certain themes identified in the comment letters, and decisions made during recent board meetings. The boards expect to issue a final standard in 2011, with a likely effective date no earlier than 2014.