The Australian Accounting Standards Board (AASB) has expressed concerns about the International Accounting Standards Board’s (IASB) revenue recognition project, which begun in September 2012.
In a letter to the IASB, the AASB said it is concerned about the possible re-introduction of a collectability threshold for revenue, and the introduction of rules-based requirements relating to proxies for measuring an entity’s performance.
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The Australian standard setter also suggested that the collectability threshold is inconsistent with the proposed revenue recognition model; they also raise questions about the incorporation of credit risk into revenue measurement.
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Australian Accounting Standards Board
International Accounting Standards Board
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