Revenue recognition transition issues to be tackled by new group

A new group devoted to dealing with transition issues related to the new, converged revenue recognition standard will meet twice in 2014 and four times in 2015.

The Joint Transition Resource Group for Revenue Recognition will hold its first meeting on July 18th and will consist of financial statement preparers, auditors, and users representing a wide range of industries, geographical locations, and public and private companies and organisations.

All meetings will be public and presided over by US Financial Accounting Standards Board (FASB) Vice Chairman James Kroeker and International Accounting Standards Board (IASB) Vice Chairman Ian Mackintosh.

The group will advise FASB and the IASB about implementation issues that arise when companies and organisations put the new standard into practice. The group will not issue guidance.

Those with implementation issues for the group to consider can submit them for possible discussion at meetings through the websites of FASB and the IASB.

This marks the first time FASB and the IASB have collaborated on such a resource group. Mackintosh has said the boards hope that working together will ensure that practice remains uniform as companies around the world implement the converged standard.

Members of the transition resource group are:

• John Armour, managing director, CBIZ MHM LLC.
• Karyn Brooks, retired senior vice president and controller, Bell Canada.
• Jeff Bryan, partner, professional standards group, Dixon Hughes Goodman LLP.
• Andrew Buchanan, global head of IFRS, BDO IFR Advisory Ltd.
• Allan Cohen, senior vice president and controller, NBCUniversal Media.
• Emmanuelle Cordano, accounting standards director, Sanofi.
• Mark Crowley, national office director, accounting standards and communication, Deloitte & Touche LLP.
• Tony de Bell, partner, global accounting consulting services, PricewaterhouseCoopers LLP.
• Carl Douglas, corporate controller, The CCR Group.
• Russell Hodge, global technical controller, General Electric Co.
• Christoph Huetten, senior vice president and chief accounting officer, SAP.
• Gregg Nelson, vice president, accounting policy and external reporting, IBM Corp.
• Brian O’Donovan, partner, international standards group, KPMG IFRG Ltd.
• James Riley, group finance director, Jardine Matheson.
• Rita Spitz, principal, William Blair & Co. LLC.
• Alison Spivey, partner, assurance services-national accounting, Ernst & Young LLP.
• Scott Taub, managing director, Financial Reporting Advisors LLC.
• Michael Wood, vice president, controller, and chief accounting officer, Raytheon.
• Kazuo Yuasa, executive vice president, corporate finance unit, Fujitsu Ltd.

—Ken Tysiac (ktysiac@aicpa.org) is a CGMA Magazine senior editor.