Joint Discussions Between the FASB and IASB Regarding Accounting for Revenues

question 125

Multiple Choice

Joint discussions between the FASB and IASB regarding accounting for revenues

• A)are ongoing and may result in a new standard for revenue recognition.
• B)have resulted in a 4 step process for revenue recognition.
• C)have resulted in a 3 step process for revenue recognition.
• D)were undertaken for the benefit of stockholders so that stock prices retain stability during unstable economic times.
• E)have not been conducted and no discussions are in the foreseeable future.

---

Definitions:

Economic Resources

The assets and inputs required for the production of goods and services, including land, labor, capital, and entrepreneurship.

Per Capita GDP

The gross domestic product of a country divided by its population, providing a per person average that helps in comparing economic well-being across different nations.

Population

The total number of people inhabiting a specific area or country.

Compiling GDP

The process of calculating the gross domestic product of a country, involving summing the total value of all goods and services produced.