Earlier today, FASB and the IASB announced they will re-expose an Exposure Draft of their proposed Revenue Recognition (‘Rev Rec’) standard. The re-exposure document will reflect changes agreed to by the boards based on their discussion of comment letters received on the original Exposure Draft.
According to this FASB-IASB press release, the boards plan to release the updated Exposure Draft in the third quarter of 2011 for a 120-Day comment period.
FASB Decides To Exempt Private Cos. From Certain Rev Rec Disclosures
In related news, at last week’s FASB meeting, the board decided to exempt private companies from certain disclosure requirements in its upcoming standard on revenue recognition. Other matters discussed at the board meeting included revenue recognition: rate regulated entities, financial instruments, and investment companies. Details are in this FEI Summary and FASB's Summary of Board Decisions.
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