The IASB and FASB Are Working on Several Joint Projects

question 56

Multiple Choice

The IASB and FASB are working on several joint projects. Which of the following is not a topic of the Revenue Recognition Project?

• A) Eliminate inconsistencies in existing literature.
• B) Cash flow presentation of revenue.
• C) Business models issues for revenue recognition.
• D) Conceptual basis as framework for future issues of revenue recognition.
• E) Contract-based revenue recognition.

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Definitions:

Mutual Exclusivity

A concept where the occurrence of one event makes the occurrence of another event impossible in the same context.

Fast Mapping

A process by which children learn new words after only a brief encounter, connecting it with their own mental categories.

Logical Extension

A strategy children use to increase their vocabulary in which they extend a new word to other objects in the same category.

False Belief Tasks

Are cognitive exercises used primarily in developmental psychology to assess an individual's understanding that others can hold beliefs different from reality.