global-journal-of-management-and-business-research-d-accounting-auditing Global Journal of Management and Business Research - D: Accounting & Auditing 0975-5853 2249-4588 Global Journals Publishing Group Incorporated 77637 The Leading Financial Changed of Revenue Recognition by Business Enterprises under FASB vs. IASB LemusProf. Edel UNITED STATES, Carlos Albizu University 15 01 2014 14 D4 1 7

The purpose of this research study is to provide a relevant position about the emergence and adoption process of the revenue recognition project under Financial Accounting Standard Board (FASB) and International Accounting Standard Board (IASB) and its crucial financial reporting performance by business enterprises. In 2014 the Financial Accounting Standard Board (FASB) developed a conceptual framework in relation to the joint revenue recognition project. As a result, the Financial Accounting Standard Board (FASB) in an early announcement this year stated that the revenue recognition project will take place as early as 2015 as noted by Lemus (2014). However, the revenue recognition project will change its reporting perspective from historical cost value to fair value measurement. For example, the International Accounting Standard Board (IASB) noted that more than 95% of Small and Medium-sized Entities (SMEs) are allowed to use EFRS. Therefore, it is expected (as cited in Kieso, Weygandt, & Warfield, 2013) that the optional adoption process of International Financial Reporting Standards (IFRS) in the United States will take place as early as 2017.

 financial reporting theory U.S. securities and exchange commission (SEC) financial accounting standard board (FASB) international accounting standa Full Text

The purpose of this research study is to provide a relevant position about the emergence and adoption process of the revenue recognition project under Financial Accounting Standard Board (FASB) and International Accounting Standard Board (IASB) and its crucial financial reporting performance by business enterprises. In 2014 the Financial Accounting Standard Board (FASB) developed a conceptual framework in relation to the joint revenue recognition project. As a result, the Financial Accounting Standard Board (FASB) in an early announcement this year stated that the revenue recognition project will take place as early as 2015 as noted by Lemus (2014). However, the revenue recognition project will change its reporting perspective from historical cost value to fair value measurement. For example, the International Accounting Standard Board (IASB) noted that more than 95% of Small and Medium-sized Entities (SMEs) are allowed to use EFRS. Therefore, it is expected (as cited in Kieso, Weygandt, & Warfield, 2013) that the optional adoption process of International Financial Reporting Standards (IFRS) in the United States will take place as early as 2017.