IFRS newsletter - English - November-December 2011
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IFRS newsletter - English - November-December 2011
The two standard setting body (IASB and FASB) published a new exposure draft on revenue recognition at the end of 2011 entitled Exposure Draft ED/2011/6, A revision of ED/2010/6 Revenue from Contracts with Customers.
The aim of the draft is unchanged; the future standard on revenue recognition is still expected to replace IAS 18 Revenue, IAS 11 Construction contracts and their subsequent interpretations in 2012 (the application of the final standard will expectedly be compulsory for the financial periods starting on 1 January 2015 or after). A single revenue recognition model is proposed, which could apply to construction contracts, sales of goods and the rendering of services. In the current and following editions of Beyond the GAAP we present a summary of the main expected changes.
