IASB and FASB Initiated a Joint Project to Address Some

question 61

Essay

IASB and FASB initiated a joint project to address some inconsistencies of recognition of revenue in contracts with customers with other accounting standards.Discuss two of these inconsistencies.

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Definitions:

Prescription Medications

Drugs that are legally available only with an order from a licensed healthcare professional.

Teratogen

An agent or factor that causes malformation of an embryo or fetus, such as certain drugs, infections, or chemicals.

Genotype Susceptibility

The predisposition of individuals with certain genotypes to develop specific diseases or health conditions.

Dose Effect

The relationship between the dose of a drug or agent and its overall effect on the body, indicating how incremental doses increase or decrease the response.