The Financial Accounting Standards Board and the International Accounting Standards Board are planning to host a series of outreach meetings around the world on their latest proposals for changes in the standards for revenue recognition.
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The outreach meetings will take place in March, April and May to discuss the latest revised joint proposals, which the two boards published last November (see FASB, IASB Revise Revenue Recognition Proposal).
The boards plan to give the public an opportunity to participate in the roundtable, especially for those who have submitted a comment letter, or who still intend to submit a comment letter, so they can discuss the proposals with the boards in further detail. The meetings will take place on April 26 at FASB’s headquarters in Norwalk, Conn., in Salt Lake City on May 8, and also abroad in London on April 20 and Tokyo on April 4. An additional roundtable meeting will take place for U.S. private companies in May 2012.
In addition, the IASB will host further outreach meetings the week of March 26 in Sao Paulo, Brazil, and Kuala Lumpur, Malaysia.
The meetings are part of the boards’ outreach efforts on the second set of the revenue recognition proposals, reflecting the importance of revenue to all companies. To date, the boards have already hosted a number of workshops, webcasts and conferences on the topic and have held a number of meetings with auditors, preparers, regulators and users.
An audio recording of the roundtable discussions will be made available shortly after each roundtable on www.ifrs.org and www.fasb.org, where further details about the meetings and how to participate in them are available.