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New rule to ring in costly accounting change for telcos

30
Oct
2013

By Huw Jones LONDON (Reuters) – Standard setters have reached broad agreement on the first global rule telling companies how to book revenues in a reform that may encourage listings and bump up IT costs for telcos. The new rule is part of wider efforts to create a single set of global accounting standards. The International Accounting Standards Board (IASB), whose rules are used in over 100 countries, including in Europe, Asia and Canada, and the Financial Accounting Standards Board (FASB) which sets U.S. rules, voted on the new rule on Wednesday. Daniel Feather, a partner at accounting firm EY, said companies using IASB rules will feel the biggest impact as they have had little guidance on how to book revenue from sales that involve multiple elements, such as a product and back up servicing.

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