The Financial Accounting Standards Board and the International Accounting Standards Board expect to soon issue converged standards on revenue recognition.
For FASB, the issuance of the final standard will represent the culmination of an endeavor that has been in the works for over a decade. The project was added to its agenda in May 2002 and has been a joint project with IASB for many years. The issuance of what will effectively be a global standard on this major subject will, in my view, mark an important milestone in the history of U.S. and global financial reporting.
