FASB adds revenue recognition project to its agenda. (accounting & auditing news).According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the Financial Accounting Standards Board Financial Accounting Standards Board (FASB) Board composed of independent members who create and interpret Generally Accepted Accounting Principles (GAAP). , in an effort to provide better and more comprehensive guidance as to when companies should record revenues, it has added a project on revenue recognition to its agenda. As part of this project, the FASB FASB See: Financial Accounting Standards Board FASB See Financial Accounting Standards Board (FASB). will seek to eliminate inconsistencies in the existing accounting literature and accepted practices, fill voids in the guidance that have recently emerged and provide further guidance for addressing issues that arise in the future. The board decided that, in the interim while the standard is being developed, the Emerging Issues Task Force should continue to provide guidance on issues of revenue recognition based on the existing authoritative literature. In developing the revenue recognition standard, the board may reconsider re·con·sid·er v. re·con·sid·ered, re·con·sid·er·ing, re·con·sid·ers v.tr. 1. To consider again, especially with intent to alter or modify a previous decision. 2. guidance pertinent PERTINENT, evidence. Those facts which tend to prove the allegations of the party offering them, are called pertinent; those which have no such tendency are called impertinent, 8 Toull. n. 22. By pertinent is also meant that which belongs. Willes, 319. to revenue recognition in its Concepts Statements, particularly that in FASB Concepts Statement No. 5, Recognition and Measurement in Financial Statements of Business Enterprises. |
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion