The IASB and FASB Are Working on Several Joint Projects

The IASB and FASB are working on several joint projects. What is the purpose of the Revenue Recognition Project?

A) to provide guidance on the application of the acquisition method.
B) to enhance the usefulness of information in assessing the financial performance of the reporting enterprise.
C) to develop a common comprehensive standard on revenue recognition.
D) to develop a common conceptual framework that both boards can use as a basis for future standard-setting.
E) to agree upon financial statement titles that will have no differentiation after translation to various languages.