AC2101 S1 2014 Seminar 20 Revenue.pptx

us gaap broad concepts and numerous requirements by

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Unformatted text preview: Q3 2013 §༊  Expected effective date is 1 January 2017 5 Why is there a joint project between IASB and FASB? *  IFRSs and US GAAP are different. Both need improvement. *  US GAAP: broad concepts and numerous requirements by industry or transaction resulting in inconsistent accounting *  IFRSs: lack of clear guidance on key topics which can make the standards difficult to apply 6 3 Why is there a joint project between IASB and FASB? *  Objective: To develop a single, principle- based revenue standard for US GAAP and IFRSs *  replace IASs 18 & 11, IFRIC 13, 15 & 18, SIC- 31 and most existing revenue recognition requirements in US GAAP 7 Improvements to Financial Reporting *  Providing a more robust framework for addressing revenue issues as they arise *  Reduces number of standards *  Comparability across industries and capital markets *  Removes inconsistencies and weaknesses in current revenue standards *  Enhanced disclosure...
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This document was uploaded on 02/10/2014.

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