The five-step model
Published Wed, Oct 28, 2015 · 09:50 PM
THE International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) issued their converged standard on revenue recognition in May 2014. The standard is intended to increase financial statement comparability across companies and industries and significantly reduce the complexity in revenue recognition. The principles in the standard will be applied using a five-step model summarised below:
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