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MASB Forum on IASB ED on Revenue from Contracts with Customers

Invitation to attend a MASB Public Forum on Revenue

30 September 2010
MASB Forum on IASB ED on Revenue from Contracts with Customers

As part of the MASB’s outreach program, it hosted a public forum on IASB exposure draft on Revenue from Contracts with Customers. The objective of the meeting was to hear the views of local constituents on the IASB proposed document.

The proposed requirements would affect any entity that enters into contracts to provide goods or services that are an output of the entity’s ordinary activities, unless those contracts are within the scope of other IFRSs. The ED proposed a systematic approach to the identification of contracts and performance obligation which may accelerate or defer reported revenue compared to existing practice.

The forum was attended by a crowd of 50 pax comprising of representatives of public listed companies, regulators, bankers and academia. The forum was chaired by Sukanta Dutt, MASB member and project chairman of the working group on revenue and it was presented by Irvin Menendez, project manager of the said working group.