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FASB and IASB create joint group for revenue recognition standard

The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) are to create a joint transition resource group to focus on the final converged standard on revenue recognition, which is due out in 2013.

The group will solicit, discuss and analyse stakeholder issues that apply to common transactions that could reasonably create diversity in practise, and inform the IASB and FASB of issues that could arise during implementation.

The FASB said that though the group will provide the IASB and FASB with information to resolve diversity, it will not issue guidance itself.

The group will consist of 10 to 15 members, and is expected to exist until the standard takes effect in 2017.

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