Deloitte comments on the IASB’s revenue recognition standard
28 May 2014
The International Accounting Standards Board (IASB) today published its revenue recognition standard, which will give corporate reporting a new and more solid grounding for one of the most important aspects of any company’s results.
Veronica Poole, Deloitte's global IFRS technical leader, said: “This is the first time we have had a principles-based standard agreed by both the IASB and the US Financial Accounting Standards Board.
“The standard will bring change to the numbers which companies report, though the effect will vary considerably across different industries. It will have significant knock-on effects on the reporting of key performance indicators, for example, and may impact companies’ internal systems.
“Companies should not underestimate the possible impact of the new standard either in terms of change in revenue profile and the potential need for changing systems, processes and disclosures.”
Notes to editors
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.
Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.
The information contained in this press release is correct at the time of going to press.
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“This is the first time we have had a principles-based standard agreed by both the IASB and the US Financial Accounting Standards Board."-Veronica Poole, Global IFRS Technical Leader