FASB & IASB Discussion Forum on IASB ED on Revenue from Contracts with Customers

8 November 2010

FASB & IASB Discussion Forum on IASB ED on Revenue from Contracts with Customers

The IASB and the US FASB held a Roundtable Meeting on Revenue Recognition in Kuala Lumpur. The objective of the roundtable was to gather feedback from constituents around the region on IASB ED on Revenue from Contracts with Customers.

MASB was honoured to facilitate and assist the two Boards in running of the roundtable. It has a favourable participation of about 50 attendees from Australia, Hong Kong, Japan, Korea, Malaysia, Singapore, International Public Sector Accounting Standards Board and International Federation of Accountants. It was a fruitful meeting with constructive comments raised by these participants.

IASB was represented by 2 of its Board Members, Paul Pacter and Tatsumi Yamada, and the Project Director for Revenue, Henry Rees. FASB was represented by Sriprasadh Cadambi. In attendance from FRF and MASB were Datuk Ali Kadir and Mohammad Faiz Azmi respectively. Several other MASB members also attended the meeting. In addition, Tan Bee Leng represented the MASB secretariat and representatives from Real Estate Housing Developers’ Association (REHDA) were also present.