Financial Accounting Blog

Wednesday, January 28, 2004

This FASB information site provides project updates for proposed changes to the Revenue Recognition principle from December 2003 meetings. The objective of the project is stated below.
The planned comprehensive revenue recognition Statement will (a) eliminate the inconsistencies in the existing authoritative literature and accepted practices, (b) fill the voids that have emerged in revenue recognition guidance in recent years, and (c) provide guidance for addressing issues that arise in the future.