IASB and FASB Propose a New Joint Standard for Revenue Recognition

The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) today published for public comment a draft standard to improve and align the financial reporting of revenue from contracts with customers and related costs - if adopted, the proposal (which replaces IAS 18 “Revenue” and IAS 11 “Construction Contracts”) would create a single revenue recognition standard for International Financial Reporting Standards (IFRSs) and US generally accepted accounting principles (GAAP).