The joint project of the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) related to revenue recognition includes
I.Evaluating a "customer-consideration" model
II.Eliminating inconsistencies in the existing conceptual guidance
III.Establishing a single, comprehensive standard
A) II and III only.
B) I and II only.
C) I, II, and III.
D) Neither I, II, nor III are currently included in the joint project of the FASB and IASB.

Question

Quizplus · Accepted Answer

The joint project of the FASB and IASB related to revenue recognition includes all three aspects mentioned in the options: evaluating a "customer-consideration" model, eliminating inconsistencies in the existing conceptual guidance, and establishing a single, comprehensive standard.

The Joint Project of the Financial Accounting Standards Board (FASB)