FASB and IASB Form Implementation Task Force

On Tuesday, June 3rd, the FASB and IASB announced formation of a Joint Transition Resource Group (the “TRG”) that will be tasked with “inform[ing] the IASB and the FASB about potential implementation issues that could arise when companies and organizations implement the new” revenue recognition standard.

Interested stakeholders are encouraged to submit their implementation questions to the TRG.

According to the press release, the TRG will not issue specific implementation guidance.

Information about the proposed activities of the TRG are available on the FASB and IASB websites.

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About docjonz

I am an Associate Professor of accounting at Hofstra University in Hempstead, NY. Additionally, I have more than 30 years of professional accounting experience in various capacities including auditing, accounting standard setting and corporate accounting policy.
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