This Paper was prepared for_________ taught by___________
Background The elaboration of a new standard simplifying revenue recognition was one of the highest priorities of the joint IASB-FASB convergence project. The purpose of the project was defined as eliminating range of differences between International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (US GAAP). The project was initiated in 2002 on the basis of the IASB and the FASB Norwalk Agreement and has evolved over time (FASB, 2014). It is an important initiative for the US where for a decade SEC has been closely reviewing the possibility of IFRS adoption to enhance the attractiveness of Continue reading...