FASB Setting Up Support Group to Assist With Transition to New Revenue Standard
By Denise Lugo
NORWALK, Conn.–The Financial Accounting Standards Board, over the course of the next month, will put together a “transition support group,” a type of public forum, for issues that may arise once the new revenue recognition standard has been issued, FASB Chairman Leslie Seidman said April 30.
Seidman, who made the comments at a liaison meeting of the board and its Small Business Advisory Committee, said the group would help facilitate discussions among interested parties from different perspectives.
Specifically, it would facilitate discussions among preparers, auditors, regulators, investors, the International Accounting Standards Board, the Securities and Exchange Commission, and others, she said.
“Our plan would be to start the meetings pretty soon after the issuance of the final [revenue recognition] standard, so that again we have the benefit of those discussions before systems changes take place and we try to make it as efficient as we can for people,” said Seidman.