Search results
Results From The WOW.Com Content Network
In accounting, the revenue recognition principle states that revenues are earned and recognized when they are realized or realizable, no matter when cash is received. It is a cornerstone of accrual accounting together with the matching principle. Together, they determine the accounting period in which revenues and expenses are recognized. [1]
The scope of the overall IASB-FASB convergence project has evolved over time. The IASB and FASB issued converged standards for accounting topics including Business combinations (2008), Consolidation (2011), Fair value measurement (2011), and Revenue recognition (2014). Other convergence projects have been discontinued.
Accounting and Financial Reporting for Certain Investments and for External Investment Pools: Mar. 1997: Amended by various GASBS; 32. Accounting and Financial Reporting for Internal Revenue Code Section 457 Deferred Compensation Plans—a recission of GASB Statement No. 2 and an amendment of GASB Statement No. 31: Oct. 1997: Superseded by GASB ...
Revenue recognition, November 1, 2016: 48-02: 2019: Revenue recognition, January 1, 2019: 49-01: 1940: Audits of savings and loan associations by independent certified public accountants full-text: 49-02: 1951: Audits of savings and loan associations by independent certified public accountants full-text: 49-03: 1962: Audits of savings and loan ...
You can use the VSOE feature to determine VSOE prices of items and defer the recognition of this revenue. The VSOE feature is intended for use by United States companies to maintain GAAP compliance with the American Institute of Certified Public Accountants (AICPA) Statement of Position 97-2 (SOP 97-2) and SOP 98-9 (the residual method).
The FASB then implemented SFAS 157 which established new standards for disclosure regarding fair value measurements in financial statements in 2006. [31] That same year, the FASB added Investor Liaisons to its staff, who would be responsible for reaching out to investors to hear feedback on the various FASB activities. [32]
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]
Generally Accepted Accounting Principles (GAAP) [a] of Canada provided the framework of broad guidelines, conventions, rules and procedures of accounting.In early 2006, the AcSB decided to completely converge Canadian GAAP with international GAAP, i.e. International Financial Reporting Standards (IFRS), as set by the International Accounting Standards Board (IASB), for most entities that must ...