• Register
Return to: Home > News > Standards > Businesses skeptical of pending revenue recognition changes

Businesses skeptical of pending revenue recognition changes

Only 38% of businesses believe that new global revenue recognition changes are needed, according to a global business survey commissioned by Grant Thornton International.

As businesses await the release by the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) of the final global revenue recognition changes, the survey conducted by Experian, surveying 3.200 businesses in 44 countries, found that a majority of the respondents thought that the joint proposals would lead to increased cost and more complexity.

The survey also revealed that only 38% of the respondents were aware of the upcoming revenue recognition changes.

"Some may argue that the current standards aren't broken, but we think there are serious problems," Grant Thornton International chief executive Ed Nusbaun said.
"We anticipate that the changes will require that every company provide more disclosure about its revenues, which will benefit investors who have complained about a lack of transparency."

A final standard is now expected in September 2013 and would be effective for annual periods beginning on or after 15 December 2016 for the FASB or 1 January 2017 for the IASB.


Related links:

Grant Thornton International

IFRS

FASB

Top Content

    Brazil: regulation and technology form basis for recovery

    Opportunities in the capital markets and the ever-growing influence of technology are expected to have a significant impact on the Brazilian accounting profession over the next 12 months, writes Paul Golden.

    read more

    Mentoring support and the opportunity to delegate

    Jon Lisby will be known to many from his former role as CEO of Kreston International. Here, he explains the background to his new venture, Global Alliance Advisory Services (GAAS), and how he aims to offer support to alliance CEOs.

    read more

    Global by name, global by nature

    Stephen Heathcote became chief executive officer of PrimeGlobal on 1 June 2019. Robin Amlôt met him to discuss the various new challenges that he has taken on, and his ambitions for the association.

    read more

    ARGA team, assemble!

    The new top team has been named that will see in root-and-branch reform at the Financial Reporting Council (FRC) as it transforms into the Audit, Reporting and Governance Authority (ARGA). Will the new duo be as dynamic as some are hoping? Robin Amlôt reports.

    read more

    CORONAVIRUS TIMELINE: REACTIONS FROM THE ACCOUNTANCY PROFESSION

    As the Coronavirus (COVID-19) continues to spread across the world, the International Accounting Bulletin and The Accountant will be collating all the latest news and updates from the profession on the pandemic’s impact.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.