What is the objective of the joint FASB IASB convergence project?

The objective of this project is to eliminate a variety of differences between International Financial Reporting Standards and US GAAP. The project, which is being done jointly by FASB and IASB, grew out of an agreement reached by the two boards in October 2002 (the ‘Norwalk Agreement’).

Did FASB Delays revenue recognition?

In an effort to alleviate stress for private companies during the unprecedented challenges of the COVID-19 pandemic, the Financial Accounting Standards Board (FASB) has voted to delay the effective dates of the revenue recognition and lease accounting standards.

When was the FASB-IASB revenue recognition standard created?

On May 28, 2014, the FASB and the International Accounting Standards Board (IASB) issued a converged standard on reco gnition of revenue from contracts with customers. In June 2014, the FASB and the IASB (collectively, the Boards) announced the formation of the FASB-IASB Joint Transition Resource Group for Revenue Recognition (TRG).

When is the IASB and FASB joint webcast?

On September 15, 2016 the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) jointly hosted a webcast about implementing the requirements in Revenue from Contracts with Customers (Topic 606 and IFRS 15). Click here for a link to the presentation from the webcast.

When did the FASB and IASB form the TRG?

In June 2014, the FASB and the IASB (collectively, the Boards) announced the formation of the FASB-IASB Joint Transition Resource Group for Revenue Recognition (TRG). One of the objectives of the TRG is to inform the Boards about potential impl ementation issues that coul d arise when organizations implement the new revenue guidance.

Who is the International Accounting Standards Board ( IASB )?

FASB, Financial Accounting Standards Board. On September 15, 2016 the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) jointly hosted a webcast about implementing the requirements in Revenue from Contracts with Customers (Topic 606 and IFRS 15).