The FASB and the IASB agreed that the fundamental characteristic of revenue recognition is that Group of answer choices the number of disclosures required for revenue recognition should be held to a minimum.   the term revenue means different things to different companies in different countries . revenues are recognized and measured based on changes in assets and liabilities.   revenue should be recognized when it is earned.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The FASB and the IASB agreed that the fundamental characteristic of revenue recognition is that

Group of answer choices
the number of disclosures required for revenue recognition should be held to a minimum.
 
the term revenue means different things to different companies in different countries
.
revenues are recognized and measured based on changes in assets and liabilities.
 
revenue should be recognized when it is earned.
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