Question

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?

Homework Answers

Answer #1

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.

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Daniel Wagner and Dante Disparte in The Huffington Post article (Links to an external site.)Links to...
Daniel Wagner and Dante Disparte in The Huffington Post article (Links to an external site.)Links to an external site. argue that "For the U.S. government to attempt to apply America’s definition of what constitutes acceptable business behavior — in America — in a one-size-fits-all approach to doing business abroad makes little sense in a world where no single standard effectively applies — to anything, and it runs counter to the government’s stated objective of making American business more globally competitive....[The...
Paul Mueller (Links to an external site.)Links to an external site. June 30, 2017 Capitalism is...
Paul Mueller (Links to an external site.)Links to an external site. June 30, 2017 Capitalism is a divisive and misunderstood term—exceeded in its misapprehension only, perhaps, by socialism. While support for socialism has had a resurgence owing to the last election, capitalism still hangs under the dark cloud of notoriety given to it by the coiner of the term, Karl Marx. Writing in the heat and filth of Britain’s industrial revolution, Marx observed massive changes in society—and massive suffering. He...
Read this PBS article (Links to an external site.) discussing why leaves change colors. After reading...
Read this PBS article (Links to an external site.) discussing why leaves change colors. After reading this article and using other resources as needed, prepare and post the following: A brief summary of why leaves change colors in the fall, relating specifically to solar energy and photosynthesis. A more detailed discussion of 1 pigment related to fall colors. Be sure to include the pigment's name, chemical formula, and what wavelengths of solar energy it absorbs/reflects. Your references.
1. go to www.sec.gov (Links to an external site.)Links to an external site. 2. Hover your...
1. go to www.sec.gov (Links to an external site.)Links to an external site. 2. Hover your cursor over "Filings" in the menu bar across the top 3. click on "company filings search" that pops up when you hover 4. in the FAST SEARCH box on the far right type in "AEO" for the ticker and click "search" for American Eagle. For Buckle type in "BKE". 5. in the "filings" column on the far left look for the most recent "10-K"...
Please do some research at Gapminder Dollar Street (Links to an external site.) and learn about...
Please do some research at Gapminder Dollar Street (Links to an external site.) and learn about how families in other countries live. Then choose a family and look up what the Gini Coefficient (in this case use the Gini Index which is the same thing) for the country from the World Bank data (Links to an external site.) that they live in. After conducting this research, please share your findings by answering the questions below. Which family did you choose...
Read This before You Ever Debate "Capitalism" Again Paul Mueller (Links to an external site.)Links to...
Read This before You Ever Debate "Capitalism" Again Paul Mueller (Links to an external site.)Links to an external site. June 30, 2017 Capitalism is a divisive and misunderstood term—exceeded in its misapprehension only, perhaps, by socialism. While support for socialism has had a resurgence owing to the last election, capitalism still hangs under the dark cloud of notoriety given to it by the coiner of the term, Karl Marx. Writing in the heat and filth of Britain’s industrial revolution, Marx...
IDEAS PLEASE below are the requirements and what i need ideas maybe sources to write the...
IDEAS PLEASE below are the requirements and what i need ideas maybe sources to write the paper FASB Project "The mission of the Financial Accounting Standards Board is to establish and improve standards of financial accounting reporting for the guidance and education of the public, including issuers, auditors, and users of financial information." (http://www.fasb.org) Project Objective Describe the history, current status, and adoption implications of a Financial Accounting Standards Board ongoing project. Requirements The FASB has several ongoing projects that...
Applied Economics - The Institutional Framework Who the Looting Ruins 'Seventeen years of work is gone,'...
Applied Economics - The Institutional Framework Who the Looting Ruins 'Seventeen years of work is gone,' said the owner of an Ecuadorean eatery. By The Editorial Board June 4, 2020 7:37 pm ET Luis Tamay is an immigrant with an Ecuadorean restaurant in Minneapolis. Zola Dias is the black owner of a clothing store in Atlanta. Sam Mabrouk has a denim shop in Columbus, Ohio. They're only a few of the people whom intellectuals overlook whenever they rationalize rioting or...
Economic inequality is a huge issue. A recent study found that the world’s 80 wealthiest individuals...
Economic inequality is a huge issue. A recent study found that the world’s 80 wealthiest individuals own as much as the entire world’s poorest 3.5 billion people. The richest 1 percent of the world’s population control half of the world’s total wealth. Many individuals, corporations, charities, and government agencies have projects and programs in place to attempt to tackle this and other important global issues such as sustainability, but there are many opportunities to do more. A grassroots group of...
Discussion: Environmental Corporate Social Responsibility There is an increasing literature suggesting, or even trying to prove,...
Discussion: Environmental Corporate Social Responsibility There is an increasing literature suggesting, or even trying to prove, that business voluntarism (Corporate Social Responsibility)—spending money on the environment—adds to profitability IN MOST CASES! ... But the evidence is very mixed as to how often CSR pays off, or serves the company strategically. Companies increasingly desire to be or at least appear “green.” Seventh Generation, the Burlington, VT-based maker of environmentally friendly laundry detergent, trash bags and diapers, takes its name from an...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT