Global Standards for the world economy

Wednesday 15 July 2020

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Revenue Recognition

IASB meeting summaries and observer notes

 IASB January 2010



The boards considered the disclosure requirements for the proposed revenue recognition model and tentatively decided:

  • to specify a high-level disclosure objective similar to the objectives in FASB ASC Section 605-25-50 Multiple Element Arrangements-Disclosure and IFRS 7 Financial Instruments: Disclosures
  • to require an entity to disclose:
  1. the nature of contracts that it enters into with customers and the related accounting policies;
  2. the principal judgements used in accounting for contracts with customers;
  3. a reconciliation of the beginning and ending net contract position(s);
  4. the total amount of outstanding performance obligations and the expected timing of their satisfaction; and
  5. information about onerous contracts, including the extent and amount of such contracts and the reasons for them becoming onerous.

Next steps

The boards will continue their discussion of disclosures and consider scope and transition at the forthcoming meetings.

Date: 1/18/2010