The Leading Financial Changed of Revenue Recognition by Business Enterprises under FASB vs. IASB

Prof. Edel Lemus

The Leading Financial Changed of Revenue Recognition by Business Enterprises under FASB vs. IASB

Prof. Edel Lemus * §

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Carlos Albizu University

The Leading Financial Changed of Revenue Recognition by Business Enterprises under FASB vs. IASB

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Abstract

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.

References

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Funding

No external funding was declared for this work.

Conflict of Interest

The authors declare no conflict of interest.

Ethical Approval

No ethics committee approval was required for this article type.

Data Availability

Not applicable for this article.

How to Cite This Article

Prof. Lemus. 2014. "The Leading Financial Changed of Revenue Recognition by Business Enterprises under FASB vs. IASB". Global Journal of Management and Business Research, Global Journal of Management and Business Research - D: Accounting & Auditing GJMBR-D Volume 14 (GJMBR Volume 14 Issue D4).

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GJMBR Volume 14 Issue D4

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Journal Specifications

Crossref Journal DOI 10.17406/GJMBR

Print ISSN 0975-5853

e-ISSN 2249-4588

Keywords

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

Classification

GJMBR-D Classification JEL Code: M00

Submission ReceivedDecember 13, 2013
Peer Review Double Blind
Handling Editor
Accepted January 5, 2014
Published January 15, 2014

Version of record

v1.2

Issue date

October 27, 2014

Language

English

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Article Matrices

Total Score: 179

Country: United States

Subject: Global Journal of Management and Business Research

Authors: Prof. Edel Lemus, M.I.B.A. (PhD/Dr. count: 0)

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