| This summary of Accounting Standards Board (AcSB) projects has been prepared for
information purposes only. Decisions reported are tentative and reflect only the current status of
discussions on this project, which may change after further deliberations by the AcSB. Decisions to publish
Handbook material are final only after a formal ballot process. |
Status: Project discontinued.
The AcSB is monitoring the joint project of the Financial Accounting Standards Board (FASB) and the
International Accounting Standards Board (IASB), which is expected to produce a converged comprehensive
standard on revenue recognition. Although the FASB and IASB plan to issue a discussion document within the
next year, it is unlikely that the project will be complete until after the changeover to International
Financial Reporting Standards for publicly accountable enterprises. The AcSB will continue to monitor this
project as part of its publicly accountable enterprises strategy, but no longer expects to develop equivalent
requirements under Canadian GAAP.
Further information is available at:
www.fasb.org/project/revenue_recognition.shtml
and
www.iasb.org/Current
Projects/IASB Projects/Revenue Recognition/Revenue Recognition.htm
Contact Information
Questions or comments on this project should be directed to:
Kate Ward, CA
Principal, Accounting Standards
Telephone: +1 (416) 204-3437
Fax: +1 (416) 204-3412
Canadian Accounting Standards Board
277 Wellington Street West
Toronto ON M5V 3H2 Canada
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