The National Accounting Standards Board (NASB) of the NOFA Foundation at its meeting on February 20, 2012 discussed the Exposure Draft of Revenue from Contracts with Customers issued by the IASB and the US Financial Accounting Board. The NASB has prepared and sent to the IASB a comment letter on the Exposure Draft stating its position in regards to this document. As an expert group for IFRS adoption in Russia the NOFA Foundation contributes to the development of a common revenue recognition standard and related guidance for US GAAP and IFRS.