The comment period for the November 2011 exposure draft
(ED), Revenue from contracts with customers, ended in March 2012.
Andrea Allocco, from PwC's Accounting Consulting Services
Central Team, looks at the responses.
Revenue
Preparers, users and auditors have again provided feedback to
the IASB and FASB (the boards) on their project, Revenue from
contracts with customers, this time on the second ED. The volume of
letters dropped significantly from those received on the 2010 ED.
This could reflect the boards' success in responding to many of
the matters raised on the first ED.
The boards requested feedback on six areas, as well as general
input about whether the proposed guidance was clear and
operational. Many respondents did not restrict their comments to
the six areas; as a result, some additional matters were identified
that might warrant attention. Most respondents continue to support
the boards' efforts, but a number of concerns remain, including
the
