Public Company Accounting Oversight Board inspectors are finding “significant audit deficiencies” in the area of revenue, the US audit watchdog stated in a staff audit practice alert issued on Tuesday.
As the FASB and the IASB continue to move away from full convergence of their standards, the prospects of international accounting rules being fully adopted in the US in the near future are growing less likely, according to a Fitch Ratings report.
The one-hour broadcast will provide an overview of the new accounting rule, as well as information on such topics as recognizing revenue over time, contract costs, disclosures, transition, and effective date.
The two standard-setting boards announced the release of the converged standard on the recognition of revenue from contracts with customers on Wednesday morning – the culmination of a joint project that has been in the works since 2008.
The FASB had hoped to issue a final standard on revenue recognition during the first quarter of 2014. However, the board confirmed today that the timetable for releasing the standard has been pushed back slightly.
The Financial Accounting Foundation could contribute as much as $3 million this year to the International Financial Reporting Standards (IFRS) Foundation in support of several convergence projects that the Financial Accounting Standards Board and the International Accounting Standards Board are working to complete.
A member of the Public Company Accounting Oversight Board (PCAOB) said during a conference on October 25 that setting a standard for auditing revenue will likely be on the PCAOB's radar in the months ahead.
A joint group created by the FASB and the IASB will be tasked to help organizations transition to the upcoming final converged standard on revenue recognition, the two standards-setting groups announced July 26.