International Accounting Standards Board (IASB)

The accounting standard was developed jointly with the U.S. Financial Accounting Standards Board and came into effect in 2018.

A roundup of professionals in the tax and accounting profession that have changed jobs and/or been promoted.

A roundup of professionals in the tax and accounting profession that have changed jobs and/or been promoted.

Members of the TRG include financial statement preparers, auditors and users representing a wide spectrum of industries, geographical locations and public and private companies and organizations.

Financial information and technology company Thomson Reuters has released a special report, An Overview of the Revised Accounting Model for Revenue Recognition, which provides useful insights for corporate management teams, shareholders, lenders, analysts, investors, regulators, and accounting firms that utilize revenue to monitor organizations' financial performance and general financial health.

The standard will improve the financial reporting of revenue and improve comparability of the top line in financial statements globally. Revenue is a vital metric for users of financial statements and is used to assess a company’s financial performance and prospects. However, the previous requirements of both IFRS and U.S. GAAP were different and often resulted in different accounting for transactions that were economically similar.

The IASB has clarified that the use of revenue-based methods to calculate the depreciation of an asset is not appropriate because revenue generated by an activity that includes the use of an asset generally reflects factors other than the consumption of the economic benefits embodied in the asset.

The International Accounting Standards Board (IASB), the independent standard-setting body of the IFRS Foundation, has launched its web-based IFRS Research Center.