Revenue Recognition Published Soon
In May 2013, the IASB concluded discussions on the future standard on Revenue Recognition. The IASB therefore considered that due process had been sufficient to allow the publication of this text, now anticipated in Q3 2013.
Keywords: Mazars, Thailand, Accounting, IASB, IFRS
30 July 2013
Some movement back and forth is still expected before then to finalise the standard, given the deliberations which have taken place over several months. However, there will be no further call for comments on this subject. Note also that no member of the IASB has suggested that he or she would dissent from issuing the revenue standard when it is formally submitted to the vote for publication.
At the same meeting, the IASB decided not to grant first-time adopters of IFRSs the same reliefs as will be offered to preparers already applying IFRSs when they apply the new Revenue Recognition standard for the first time.
In practice, IFRS 1 will not authorise first-time adopters to restate only current contracts on the date of first application (i.e. in application of the former standard).
However, a simplification will be offered for full retrospective restatement, as first-time adopters will have the option not to restate contracts which are completed before the start of the earliest comparative period presented.