Accounting updates: July 2014

The long-awaited converged standard on revenue recognition, IFRS 15, is released despite ongoing concerns, government considers ban on corporate members on LLPs and FRC stresses importance of true and fair accounting to avoid misleading accounts, while FRSSE consultation is set for summer 2014

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) have jointly a converged standard on the recognition of revenue from contracts with customers, IFRS 15, which has been designed to improve the financial reporting of revenue and improve comparability of the top line in financial statements globally

The long-running debate around a new revenue recognition standard has rumbled on since 2002 and the new standard will be effective from 1 January 2017.

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