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Instructions: a. Discuss the core principle of the standard

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Instructions:
a. Discuss the core principle of the standard and whether or not you are in agreement with the proposed standard.
b. Discuss how you believe U. S. companies will react to the proposed changes.
c. Assume you are working as a Certified Public Accountant. Discuss how you would prepare your clients to adopt the proposed changes to revenue recognition.

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Solution Preview

Instructions:
a. Discuss the core principle of the standard and whether or not you are in agreement with the proposed standard.
b. Discuss how you believe U. S. companies will react to the proposed changes.
c. Assume you are working as a Certified Public Accountant. Discuss how you would prepare your clients to adopt the proposed changes to revenue recognition.

Answer:

A) I am actually not in agreement with the proposed changes. The core principle of the standard is to bring both the FASB and IASB in cohesion with revenue recognition. Currently, revenue is recognized differently based on the difference in use of basic accounting principles. Under the proposed standard, companies would be required to recognize revenues "when it transfers goods or services to a customer in the amount of consideration the company expects to ...

Solution Summary

Instructions:
a. Discuss the core principle of the standard and whether or not you are in agreement with the proposed standard.
b. Discuss how you believe U. S. companies will react to the proposed changes.
c. Assume you are working as a Certified Public Accountant. Discuss how you would prepare your clients to adopt the proposed changes to revenue recognition.

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