FASB
All decisions reached at Board meetings are tentative and
may be changed at future meetings. Decisions are included in an
Exposure Draft only after a formal written ballot. Decisions
reflected in Exposure Drafts are often changed in redeliberations
by the Board based on information received in comment letters, at
public roundtable discussions, and from other sources. Board
decisions become final after a formal written ballot to issue a
final Accounting Standards Update.
Revenue recognition discussed at May 24 joint meeting
The FASB and the IASB held a joint meeting on May 24 and
discussed the application of the proposed revenue recognition model
to credit card reward programs in response to some preparers in the
financial services industry. In a tentative decision, the Boards
agreed to amend one of the implementation examples in the proposed
guidance to clarify that a promise to award credits would not
automatically result in a performance obligation.
