Mixed reviews greet revenue-recognition proposal

05/29/2009 | WebCPA

More than half of the senior finance executives responding to a survey indicated they support a proposal of contract-based standards for revenue recognition, but some questioned how the rules would work in practice. The Financial Accounting Standards Board and the International Accounting Standards Board proposed a revenue-recognition model for use in Generally Accepted Accounting Principles and International Financial Reporting Standards. FASB will accept comment letters until June 19.

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