The European Financial Reporting Advisory
Group (EFRAG) will publish feedback on revenue recognition and
leases for new IFRSs, following consultation with European
constituents.
In general participants questioned whether a
complete overhaul of the existing standards on the revenue
recognition was necessary, and some suggested that the direction
taken by the International Accounting Standards Board in the
re-deliberations would bring the proposals close to the current
requirements, EFRAG said.
Participants were consulted in outreach events
organised by European national standard setters last month in eight
European cities. The events focused only on those issues that
had caused major concerns at the exposure draft stage and had been
subsequently re-deliberated.
Feedback received from constituents during the
outreach meetings will be published in the form of meeting notes on
each event on EFRAG’s website and on the website of the respective
national standard setter.
Related links:
European Financial Reporting Advisory Group summary report
