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A main purpose of the project to develop IFRS 15 was that, although revenue is a critical metric for financial statement users, there were important differences between the IASB and FASB definitions of revenue, and there were different definitions of revenue even within each board's guidance for similar transactions accounting for under different standards. [3]
PricewaterhouseCoopers International Limited [4] is a British multinational professional services brand of firms, operating as partnerships under the PwC brand. It is the second-largest professional services network in the world [5] and is considered one of the Big Four accounting firms, along with Deloitte, EY, and KPMG.
Revenue recognition is the accounting principle that revenues are earned and recognized when they are realized or realizable, no matter when cash is received. Learn the rules, criteria, exceptions, and methods for revenue recognition under different accounting standards and scenarios.
IFRS are accounting standards issued by the IFRS Foundation and the IASB to describe the financial performance and position of companies across international boundaries. Learn about the origins, development, application and principles of IFRS and how they differ from US GAAP.
The matching principle is an accrual accounting concept that requires expenses to be reported in the same period as the corresponding revenues. Learn how to apply this principle to accrued expenses, deferred expenses, and depreciation with examples and definitions.
This is a list of the IFRSs and official interpretations, as set out by the IFRS Foundation. It includes accounting standards either developed or adopted by the International Accounting Standards Board (IASB), the standard-setting body of the IFRS Foundation.
GAAP stands for Generally Accepted Accounting Principles, the accounting standard adopted by the U.S. Securities and Exchange Commission. Learn about the basic concepts, principles, constraints, and sources of GAAP, as well as the history and standard-setting process.
VSOE is a method of revenue recognition allowed by US GAAP that enables companies to recognize revenue on specific items on a multi-item sale based on evidence specific to a company. Learn the purpose, description and common use of VSOE, and the references and external links related to this accounting term.