The standards setter said it expects to issue the new IFRS on 28 May 2014, the same time as the Financial Accounting Standards Board (FASB) Accounting Standards Update Revenue from Contracts with Customers.  IASB said these documents are substantially the same and represent the culmination of the two bodies’ work to improve the requirements for revenue recognition

The objectives of the joint IASB/FASB project on revenue recognition were to provide clear principles for revenue recognition in a robust framework and remove inconsistences and weaknesses in existing revenue recognition standards; provide a single revenue recognition model which will improve comparability over a range of industries, companies and geographical boundaries; and to simplify the preparation of financial statements by reducing the number of requirements to which preparers must refer.