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Examiner watch

21 December 2009

ACCA examiner Graham Holt was seen writing a big three page feature on revenue recognition in Accounting and Business.

He said that the complexity appears to be the overabundance of US Financial Accounting Standards Board revenue-recognition rules. The FASB and IASB are now working together on a proposed single model. The US revenue-recognition rules has grown to more than 100 standards, plus rule exemptions addressing over 20 different industries. This has led to a diversity of practical applications and a ‘skewing’ of economic reality.

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