Revenue Recognition Series: Why Were the New Revenue Standards Issued?

Share Button

In order to fully appreciate the implications of the new revenue standards it is helpful to understand the process which led to the changes.

Over the past decade, the Financial Accounting Standards Board (FASB), which establishes generally accepted accounting principles in the United States of America (US GAAP), and the International Accounting Standards Board (IASB), which establishes generally accepted accounting principles for over 100 adopting countries (International Financial Reporting Standards or IFRS), embarked on a joint project to develop criteria for revenue recognition and reporting that would accomplish key goals, including, but not limited to:

  • Remove inconsistencies and weaknesses in existing revenue …read more

    Read more here:: Beyond The Numbers

    About Carrie Sherreard

    Carrie Sherreard has written 56 post in this blog.

    Share Button