Boards create transition group for revenue recognition

07/29/2013 | Journal of Accountancy online

The Financial Accounting Standards Board and the International Accounting Standards Board have announced plans to create a joint resource group to help guide the transition to a converged revenue-recognition standard. The group will consist of up to 15 members, including FASB and IASB members, preparers, auditors, regulators, users and other stakeholders. The resource group will advise the two boards on issues that arise as the converged standard is implemented.

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Journal of Accountancy online