The IASB and the FASB issued for public comment a revised draft standard to improve and converge the financial reporting requirements of IFRSs and US GAAP for revenue recognition.
If adopted, the proposed standard would replace IAS 18 Revenue, IAS 11 Construction Contracts and related Interpretations.
The exposure draft Revenue from Contracts with Customers is open for public comment until 13 March 2012. It is available on the IASB website.

Please find the press release herewith attached.