As we foresaw, the FASB and the IASB have decided to
introduce amendments to their twin standards ASC 606 and
IFRS 15 on revenue recognition. Although the amendments
(and their due process) are likely to differ between the two
Boards, the FASB taking a more prescriptive approach, they
should not affect the principles of the standard, or the
convergence achieved between the two accounting
frameworks on the recognition of revenue.
In this edition, Beyond the GAAP will return to the main
decisions taken by the Boards on the changes to be made to
these standards before their first application.
We also welcome the appointment of M. Patrick de
Cambourg (Honorary Chairman of Mazars) as president of
the Board of the French accounting standards setter, the
Autorité des normes comptables (ANC). The whole editorial
team at Beyond the GAAP is convinced that he will be able
to bring all the accounting skills of France together to make
a valuable contribution to European and international
Enjoy your reading!