As we foresaw, the FASB and the IASB have decided to introduce amendments to their twin standards ASC 606 and IFRS 15 on revenue recognition. Although the amendments (and their due process) are likely to differ between the two Boards, the FASB taking a more prescriptive approach, they should not affect the principles of the standard, or the convergence achieved between the two accounting frameworks on the recognition of revenue.
In this edition, Beyond the GAAP will return to the main decisions taken by the Boards on the changes to be made to these standards before their first application.
We also welcome the appointment of M. Patrick de Cambourg (Honorary Chairman of Mazars) as president of the Board of the French accounting standards setter, the Autorité des normes comptables (ANC). The whole editorial team at Beyond the GAAP is convinced that he will be able to bring all the accounting skills of France together to make a valuable contribution to European and international accounting debates.
Beyond the GAAP No. 86 - February 2015