The Revenue Proposals - Impact on Technology Based Companies

The Revenue Proposals - Impact on Technology Based Companies

The IASB and the FasB have jointly issued a revised exposure draft Revenue from Contracts with Customers (the ed).

This brochure outlines the objective of the ED, which is to clarify existing revenue recognition principles and develop a common standard for IFRS and US GAAP. This includes removing inconsistencies and perceived weaknesses in existing revenue standards and also improving the comparability of revenue recognition practices across companies, industries and capital markets. It covers areas such as:

  • What has changed
  • Identifying the contract
  • Identifying the separate performance obligations
  • Determining the transaction price
  • Allocating the transaction price
  • Recognizing revenue

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