The purposes of the joint long-term project of the FASB and IASB to converge revenue recognition principles include all of the following except
A)eliminate inconsistencies in conceptual guidance on revenues
B)replace principle-based accounting with rule-based accounting for revenues
C)establish a single comprehensive standard on revenue recognition
D)fill voids in revenue recognition guidance

Question

Quizplus · Accepted Answer

The joint long-term project of the FASB and IASB aims to converge revenue recognition principles to eliminate inconsistencies in conceptual guidance on revenues, establish a single comprehensive standard on revenue recognition, and fill voids in revenue recognition guidance. The project does not aim to replace principle-based accounting with rule-based accounting for revenues, as this would go against the trend towards principles-based accounting in recent years.

The Purposes of the Joint Long-Term Project of the FASB