The Purposes of the Joint Long-Term Project of the FASB

question 4

Multiple Choice

The purposes of the joint long-term project of the FASB and IASB to converge revenue recognition principles include all of the following except

• A)eliminate inconsistencies in conceptual guidance on revenues
• B)replace principle-based accounting with rule-based accounting for revenues
• C)establish a single comprehensive standard on revenue recognition
• D)fill voids in revenue recognition guidance

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Definitions:

Courtrooms

Designated spaces where judicial cases are heard and decided by a judge or jury, involving legal debates, evidence presentation, and judgments.

Civil Action

A lawsuit brought to enforce, redress, or protect private rights, as opposed to criminal matters.

Jurisdiction

The authority given to a legal body to administer justice within a defined field of responsibility, geographically or subjectively.

Highest Court

The supreme or apex court in a country's judicial hierarchy, having the final authority in interpreting and applying the law.