IASB and FASB Initiated a Joint Project to Clarify the Principle

question 4

Multiple Choice

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.

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Definitions:

Theory

A system of ideas intended to explain something, based on general principles independent of the thing to be explained.

Energy Drain

A state or feeling of extreme fatigue or depletion of energy, often due to stress or overwork.

Positive Emotions

Feelings that are generally considered pleasant, such as happiness, joy, enthusiasm, or contentment, contributing to overall wellbeing.

Positive Energy

The feeling or attitude of optimism, vitality, and enthusiasm that can positively influence oneself and others.