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Un-Convergence? Auditors Fret Over Possible Changes to Revenue Rule

Tammy Whitehouse | February 20, 2015

Auditors are starting to worry about the implications of changes to the sweeping new standard on revenue recognition if U.S. and international rulemakers start debating new views and reaching different conclusions.

The Financial Accounting Standards Board and the International Accounting Standards Board determined this week they will take up their respective staffs’ recommendations to revisit aspects of the new standard where confusion or uncertainty is making implementation difficult. Both boards agreed with staff recommendations to take a fresh look at the rules on how to account for revenue arising from licenses of intellectual property and how to identify performance obligations in contracts with customers.

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