The chairman of the Financial Accounting Standards Board said Thursday that the FASB staff expects to issue the long-awaited converged standard on revenue recognition that it has developed with the International Accounting Standards Board this month, calling it “a grand achievement for both boards."
Speaking at Baruch College’s 13th Annual Financial Reporting Conference in New York, FASB chairman Russell Golden noted that all 23 board members at FASB and the IASB have approved the standard. The delay is related to technical issues with the codification of the standards, but FASB is now awaiting final publication.
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