A revised proposal for revenue recognition

Hosted by Ernst & Young's Global IFRS Services

The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) are expected to release a revised proposal on the accounting for revenue arising from contracts with customers. Aspects of the revised model have changed significantly from the original proposed model released in June 2010. These revised proposals would have broad impact on companies across all industries under both IFRS and US GAAP.

In our webcast, a panel of subject-matter professionals and a project team member from the IASB will discuss the revised model and impact that the proposed requirements would have on companies reporting under IFRS. The webcast will focus on the major building blocks of the revised model:

• Identifying the contract with a customer
• Identifying the separate performance obligations in the contract
• Determining the transaction price of the contract
• Allocating the transaction to the separate performance obligations in the contract
• Recognising revenue when a performance obligation is satisfied

The webcast has been scheduled for 29 November 2011, subject to final issuance of the exposure draft in early November. We will notify registrants of any change in the timing of the webcast should the exposure draft be delayed.

This webcast is intended for companies preparing financial statements in accordance with IFRS.