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What are the key issues to know about GAAP/IFRS convergence in the area of revenue recognition? (Webinar Attendee Question)

This question was asked during the Proformative webinar "Convergence of Financial Instruments, Leasing, and Rev Rec Standards."  A video of the webinar can be viewed here: https://www.proformative.com/resources/webinar-video-convergence-financial-instruments-leasing-rev-rec-standards

Answers

Topic Expert
Sunil Thukral
Title: Controller/Technical Accounting Advisory..
Company: Consultant
(Controller/Technical Accounting Advisory/ SEC Reporting, Consultant) |

Currently there is a U.S. GAAP/ IFRS convergence accounting standard that is being worked on. The Revenue Recognition accounting standard exposure draft was re-exposed for which the comment period ended in March 2012. I had also participated in the writing the comment letter to FASB as I did not agree with some of the conclusions that were reached in this re-exposed exposure draft.

Once the converged Revenue Recognition accounting standard is released, then you do not have to worry about the GAAP differences as applying any standard will give you the same result.

The final accounting standard is expected to be be applicable effective 2015.

Please feel free to contact me directly if you need any further clarification either on this issues or on the current leasing accounting standard in general.

Kind regards,

Sunil Thukral, CPA, CFA
Sunil [dot] CPA [dot] CFAatgmail [dot] com

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