This question was asked during the Proformative
What are the key issues to know about GAAP/IFRS convergence in the area of revenue recognition? (Webinar Attendee Question)
Answers
Currently there is a U.S. GAAP/ IFRS convergence
Once the converged Revenue Recognition accounting standard is released, then you do not have to worry about the GAAP differences as applying any standard will give you the same result.
The final accounting standard is expected to be be applicable effective 2015.
Please feel free to contact me directly if you need any further clarification either on this issues or on the current leasing accounting standard in general.
Kind regards,
Sunil Thukral,
[email protected]