Helmi Hammami

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) today issued for public comment a revised draft standard to improve and converge the financial reporting requirements of International Financial Reporting Standards (IFRSs) and US General Accepted Accounting Principles (GAAP) for revenue (and some related costs) from contracts with customers The comment period of the exposure draft closes on 13 March 2012. More information: Read the press release Read a Snapshot summary document of the proposals Listen to a podcast recording introducing the proposals Go to the project page Access the document online: To access the document visit the "Get involved / Comment on a proposal" section on www.ifrs.org If you are an eIFRS/Comprehensive subscriber, you can also view the document in the 'Latest Additions' section of eIFRS (you will be required to provide your login details). Printed copies of the document: Printed copies of the document can be purchased from the IFRS Foundation's online shop. Comprehensive subscribers will receive a print copy shortly.

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At this meeting (Nov 7, 2011), the IASB tentatively decided that IFRS 9 (2009) and IFRS 9 (2010) should be amended to require application for annual periods beginning on or after 1 January 2015, rather than 1 January 2013. The Board also tentatively decided not to require the restatement of comparative-period financial statements for the initial application of the classification and measurement requirements of IFRS 9, but instead to require modified disclosures on transition from the classification and measurement requirements of IAS 39 to those of IFRS 9. The Board also tentatively decided that this disclosure would be required even if an entity chose to restate its comparatives for the effect of applying IFRS 9. Early application of IFRS 9 (2009) and IFRS 9 (2010) would continue to be permitted. Ten Board members supported these decisions, with one member disagreeing.