Proposed contract-based standards for revenue recognition are attracting some support, but also raising questions, according to a new survey.
The Financial Accounting Standards Board and the International Accounting Standards Board proposed a new revenue recognition model last December for use in U.S. GAAP and International Financial Reporting Standards. The model provides a single revenue recognition principle based on changes in contractual assets and liabilities. FASB is asking for comment letters to be submitted by June 19, 2009.
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