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Why did FASB issue ASU 2014-09 (Links to an external site.)Links to an external site.? i.e.,...

Why did FASB issue ASU 2014-09 (Links to an external site.)Links to an external site.? i.e., what is the objective of the disclosure requirements?

Is the change in revenue recognition more rules-based or principles-based?

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Ans FASB ISSUE ASU 2014-09 To bring in uniformity in tgetmethod of recognising revenue from the transaction with the customer which was not the case in previous GAAP principle followed and also to match the international requirement in recognising revenue.

External link that could be followed is FASB official website.

Objective of disclosure requirement are as follows:

1. Remove the inconsistencies in the method of revenue recognition.

2. provide a robust framework in the matter.

3. Improve comparability of revenue recognition across entities and jurdisction.

4. Simplify and standardise the preparation of financials.

The change made revenue recognition more principle based.

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