FASB and IASB announce the formation of the Joint Transition Resource Group
for Revenue Recognition
Norwalk, CT, June 3, 2014—The International Accounting
Standards Board (IASB) and the Financial Accounting Standards Board (FASB) today
announced the formation of the Joint Transition Resource Group for Revenue
Recognition (TRG).
The
TRG will inform the IASB and the FASB about potential implementation issues that
could arise when companies and organizations implement the new standard. The TRG
will also provide stakeholders with an opportunity to learn about the new
standard from others involved with implementation. The TRG will not issue
guidance.
Members of the TRG include financial statement preparers,
auditors and users representing a wide spectrum of industries, geographical
locations and public and private companies and organizations.
The Boards
expect that the TRG will meet twice in 2014 and four times in 2015. The first
meeting is scheduled for July 18, 2014. All meetings will be public and
co-chaired by the Vice Chairmen of the IASB and the FASB.
Any
stakeholder can submit a potential implementation issue for discussion at TRG
meetings. The IASB and the FASB will evaluate each submission and prioritize the
issues for discussion at TRG meetings.
More information about the TRG,
including instructions for submitting a potential implementation issue, is
available on the IASB’s website and the FASB’s
website.
Contacts:
Christine Klimek,
Senior Manager, Communications, Financial Accounting Foundation
Telephone:
203.956.3459
Email: clklimek@f-a-f.org
Chris
Welsh, Communications Manager, IFRS Foundation
Telephone: +44 (0)20 7246
6495
Email: cwelsh@ifrs.org
About the Financial Accounting Standards
Board
Since 1973, the Financial Accounting Standards Board has
been the designated organization in the private sector for establishing
standards of financial accounting and reporting. Those standards govern the
preparation of financial reports and are officially recognized as authoritative
by the Securities and Exchange Commission and the American Institute of
Certified Public Accountants. Such standards are essential to the efficient
functioning of the economy because investors, creditors, auditors, and others
rely on credible, transparent, and comparable financial information. For more
information about the FASB, visit our website at http://www.fasb.org/.
About the
International Accounting Standards Board
The IASB was
established in 2001 and is the standard-setting body of the IFRS Foundation, an
independent, private sector, not-for-profit organization. The IASB is committed
to developing, in the public interest, a single set of high quality, global
accounting Standards that provide high quality, transparent and comparable
information in general purpose financial statements. In pursuit of this
objective the IASB conducts extensive public consultations and seeks the
co-operation of international and national bodies around the world. The IASB has
16 full-time members drawn from 11 countries and a variety of professional
backgrounds. Board members are appointed by, and accountable to, the Trustees of
the IFRS Foundation, who are required to select the best available combination
of technical expertise and diversity of international business and market
experience. In their work the Trustees are accountable to a Monitoring Board of
public authorities.