The Financial Accounting Standards Board and the International Accounting Standards Board said Friday they plan to create a joint group to help companies and their accountants make the transition to the upcoming final converged standard on revenue recognition.
The transition group will be responsible for informing FASB and the IASB about interpretive issues that might arise when companies, institutions and other organizations implement the revenue recognition standard. The group will solicit stakeholders, as well as analyze and discuss the issues that apply to common transactions that could reasonably create diversity in practice.
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