The International Accounting Standards Board
(IASB) and the US Financial Accounting Standards Board (FASB) are
giving stakeholders a second opportunity to review and comment on
revised proposals for a common revenue recognition standard.

The boards will re-expose the standard in
third quarter of 2011 for comment for 120 days.

The IASB said it hopes re-exposing the
proposals will allow stakeholders to comment on revisions the
boards have undertaken since the publication of the original
exposure draft in June 2010.

“It is important that we get this right, first
time. That is why the boards and staff have undertaken an
unprecedented level of outreach to get us to this point, and why we
are keen to treble-check that our conclusions are robust and can be
implemented with minimal disruption,” IASB chair Sir David Tweedie