FASB to Re-expose Proposed Standard on Revenue Recognition
June 23, 2011
The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board announced last week that they will re-expose the proposed standard on revenue recognition. The revised exposure draft is expected to be issued in the third quarter of 2011, with a 120-day comment period. This pushes the expected timeline for issuing a final standard into 2012.
Although there is no formal due process requirement to re-expose the standard, the Boards indicated that it was appropriate "given the importance of the revenue number to all companies and the need to take all possible steps to avoid unintended consequences." In addition to questions on specific aspects of the revised proposals, the Boards intend to seek feedback on the extent to which the revised requirements are understandable, and to ensure that the requirements have not created unintended consequences for specific contracts or industries.
In October 2010, NACUBO submitted comments to FASB's original proposals and participated in a public roundtable hosted by FASB in November 2010. NACUBO raised concerns about potential issues with recognition of revenue on sponsored research projects and tuition. We continue to monitor this important project and will provide feedback to FASB when the revised exposure draft is issued.
Director, Accounting Policy
- Associations Respond to DACA and DREAM Act Concerns
- Congress Makes Changes to GI Bill Education Benefits
- CFPB Report Criticizes Campus Banking Agreements
- 2017 Intermediate Accounting and Reporting - Winter
January 23-24, 2017
- 2017 Endowment and Debt Management Forum
February 1-3, 2017
- WEBCAST: NACUBO Live! Results of the 2016 NACUBO-Commonfund Study of Endowments
Thursday, February 2, 2017 9:15AM ET
- WEBCAST: Compliance Challenges for the New EPA Hazardous Waste Rule
Tuesday, February 7, 2017 1:00PM ET
- WEBCAST: Legislative Lunchcast: A 30-Minute Washington Update from NACUBO
Thursday, February 9, 2017 12:00PM ET
- ON-DEMAND: The ROI of Student Success: Practical Considerations for Measuring and Conveying the Financial Value of Student Support Services
- ON-DEMAND: The CBO's Role in Diversity and Inclusion on Campus