A Newsletter "Beyond the GAAP" é publicada mensalmente pela Mazars. O objectivo deste documento é manter o leitor informado sobre os desenvolvimentos na área da contabilidade.
Beyond the GAAP no.86 - February 2015
As we foresaw, the FASB and the IASB have decided to introduce amendments to their twin standards ASC 606 and IFRS 15 on revenue recognition. Although the amendments (and their due process) are likely to differ between the two Boards, the FASB taking a more prescriptive approach, they should not affect the principles of the standard, or the convergence achieved between the two accounting frameworks on the recognition of revenue.
As 2015 gets under way, discussions on the application of IFRS 15 are in full swing! Many technical subjects have now
been discussed by the Joint Transition Resource Group, and already the idea of amending the standard as published has
made some headway, at least on the FASB side.
This is an opportunity for us to provide an update on the new texts that are of mandatory application for the 2014 reporting period, or which may be applied early.
While many businesses will spend 2015 working on the practical impact of the introduction of IFRS 15 and IFRS 9, the IASB has announced that other important publications will appear this year: the new draft conceptual framework should be available during the course of the first quarter, while the new standard on leases is expected at the end of the year.
As entities begin to analyse the future impact of IFRS 15, the IASB and the FASB have published the report of the first meeting of the Transition Resource Group (TRG), charged with identifying any application problems that deserve the attention of the Boards. This is an opportunity for Beyond the GAAP to return to these discussions, and to the items on the agenda of the second meeting of the TRG.
At last! Between the publication in December 2008 of the Discussion Paper on Revenue Recognition, and the arrival of IFRS 15 at the end of May 2014, nearly five and a half years have passed. During this period, two exposure drafts were published (June 2010 and November 2011), and it took 30 months’ work to move from the second exposure draft to the final joint standard with the US GAAP.
At the beginning of the second half of 2014, it appears that some preparers have initiated an action plan to analyze
their contracts with customers in the light of IFRS 15.
Starting early this project will enable to identify practical implementation difficulties that deserve to be referred to
the Transition Resource Group, which held its first meeting on 18 July.
The IASB has taken advantage of the summer break to finalise a number of publications. These include the complete version of IFRS 9 on financial instruments, published in July.
After a short summer break, the IASB and the IFRS Interpretations Committee have returned to their work programme. September saw the publication of the Discussion Paper on rate-regulated activities and the continuation of discussions on the major insurance contracts and conceptual framework projects.