The IASB and the FASB's joint project on revenue recognition and measurement gives more emphasis to the substantial completion of the earning process than previous guidance and less on the change in value of assets and liabilities.

Question

Quizplus · Accepted Answer

The joint project on revenue recognition by the IASB and FASB, resulting in IFRS 15 and ASC 606, focuses on the transfer of control of goods or services to the customer and recognizes revenue as the entity satisfies performance obligations, rather than emphasizing the substantial completion of the earning process or the change in value of assets and liabilities.

The IASB and the FASB's Joint Project on Revenue Recognition