Revenue for Telecoms
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8 | <strong>Revenue</strong> <strong>for</strong> <strong>Telecoms</strong> – Issues In-Depth<br />
| Putting the new standard into context<br />
Transition Resource Group <strong>for</strong> revenue<br />
recognition<br />
The IASB and the FASB’s Joint Transition Resource Group <strong>for</strong> <strong>Revenue</strong> Recognition<br />
(TRG) was <strong>for</strong>med <strong>for</strong> the purpose of:<br />
– soliciting, analyzing and discussing stakeholder issues arising from the<br />
implementation of the new standard;<br />
– in<strong>for</strong>ming the IASB and the FASB about implementation issues that will help the<br />
Boards determine what action, if any, will be needed to address them; and<br />
– providing a <strong>for</strong>um <strong>for</strong> stakeholders to learn about the new guidance from others<br />
involved with implementation.<br />
The TRG advises the Boards, but does not have standard-setting authority. The<br />
members of the TRG include auditors, financial statement preparers and users from<br />
various industries and geographies (both United States and international), and both<br />
public and private companies and organizations. Others who attend and participate<br />
in the meeting as observers include the IASB and FASB Board members and staff,<br />
the PCAOB, the SEC, AICPA and IOSCO. The TRG had its first meeting in July 2014<br />
and has held six joint meetings since that time. During these meetings more than<br />
50 issues were addressed, with some resulting in the amendments issued in early<br />
2016 by both the IASB and FASB.<br />
In addition to the TRG, there are various other industry groups – including the<br />
Telecommunications <strong>Revenue</strong> Recognition Task Force <strong>for</strong>med by the AICPA – that are<br />
discussing how to apply the new standard. A telecom entity should actively monitor<br />
these activities and consider adjusting its implementation plan if new guidance<br />
is developed.<br />
The TRG has discussed a number of issues relevant to telecom entities. The<br />
conclusions of the TRG on those issues have been reflected in this publication.<br />
Telecom entities are encouraged to review the relevant TRG agenda papers and<br />
meeting summaries to ensure the TRG discussions are reflected in their accounting<br />
policy choices.<br />
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