The IASB and FASB have issued a converged standard on revenue. The new standard moves to a focus on control of goods or services to determine whether revenue recognition is at a point in time (possibly lumpy) or over time (probably smoother). In this PwC webcast, Tony de Bell gives an overview and outlines the key requirements.
Despite the advantages of adopting sustainability reporting practices, many business owners and board directors continue to view sustainability reporting as merely a compliance exercise. They also have the mindset that over-disclosure could result in leakage of trade secrets and loss of competitive advantage.