Difference Between Fasb And Iasb Essay
• Remove inconsistencies and weaknesses in revenue requirements
• Provide a robust framework for addressing revenue issues.
• Improve comparability of revenue recognition practices across entities, industries, jurisdiction, and capital markets.
• Provide more useful information to users of financial statement through improved disclosure requirements.
• Simplify the preparation of financial statements by reducing the number of requirements to which an entity must refer.
The update was announced on May 28, 2014 and can be accessed online on the FASB and IASB website. For FASB, it is topic 606 and IASB is IFRS 15 Revenue from Contracts with Customers. The implementation will be after December 15, 2016 for public companies and after December 15, 2017…