The FASB and IASB substantively concluded redeliberations of their joint 2011 exposure draft, Revenue from Contracts with Customers, in February 2013. The boards reached decisions on the remaining key issues including disclosures, transition, and effective date at their most recent meetings.
The boards' timeline indicates the final standard is expected in the second quarter of 2013. The standard will be effective for the first interim period within annual reporting periods beginning on or after January 1, 2017. Entities will have the option to apply the final standard retrospectively or use a simplified transition method. An entity will not restate prior periods if it uses the simplified method.
Details of these decisions, as well as a comprehensive look at the model at the end of the key redeliberations, are included in this Dataline. Any remaining “sweep” or new issues identified by the boards will be discussed at future board meetings, as needed.