As a result of the revenue recognition project by the FASB and IASB:
A) revenue is no longer recorded unless cash has been received.
B) revenue recognition places more emphasis on when changes occur in related expenses.
C) revenue recognition places more emphasis on when revenue is realized.
D) revenue recognition places more emphasis on when the performance obligation is satisfied.

Question

As a result of the revenue recognition project by the FASB and IASB: 
A) revenue is no longer recorded unless cash has been received.
B) revenue recognition places more emphasis on when changes occur in related expenses.
C) revenue recognition places more emphasis on when revenue is realized.
D) revenue recognition places more emphasis on when the performance obligation is satisfied.

Quizplus · Accepted Answer

The revenue recognition project by the FASB and IASB places more emphasis on when the performance obligation is satisfied rather than when revenue is realized or when changes occur in related expenses. This means that revenue is recognized when the good or service is delivered or the performance obligation is fulfilled.

As a Result of the Revenue Recognition Project by the FASB