Companies can expect significant changes in coming months to new accounting rules that are developing around revenue recognition and leases as rule makers wade through substantial feedback on the workability of the suggested new models.
Staff members of the Financial Accounting Standards Board and the International Accounting Standards Board told accountants at a national conference of the American Institute of Certified Public Accountants that the two boards will begin revising the proposals in early 2011 after receiving plenty of thought-provoking ideas on how to retool the two standards. The boards have set a target of June 2011 to finalize both standards as part of their effort to converge accounting rules to facilitate a Securities and Exchange Commission determination around adopting international rules in the United States.
