IASB and FASB initiated a joint project to clarify the principle for recognising revenue and develop a common revenue standard for IFRS and US GAAP so as to:
A) remove inconsistencies and weaknesses in existing revenue requirements.
B) provide a more robust framework for addressing revenue issues.
C) simplify the preparation of financial statements.
D) All of the given answers are correct.

Question

Quizplus · Accepted Answer

All of the answers provided are correct. The joint project between IASB and FASB aims to remove inconsistencies and weaknesses in existing revenue requirements, provide a more robust framework for addressing revenue issues, and simplify the preparation of financial statements by developing a common revenue standard for IFRS and US GAAP.

IASB and FASB Initiated a Joint Project to Clarify the Principle