Simplifying the Accounting for Revenue Recognition by FASB 2
I. Background 2
II. Scope of standard 7
III. Next steps and implications for practice 8
IV. Conclusion 10
Simplifying the Accounting for Revenue Recognition by FASB
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 a range of differences between International Financial Reporting Standards (IFRS) and United States Generally Accepted Accounting Principles (U.S. GAAP). The project was initiated in 2002 on the basis of the International Accounting Standards Board (IASB) and the Financial Accounting Standards Continue reading...