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IASB and FASB issue converged standard on recognition of revenue from customer contracts

IASB FASB converged standard on revenue recogntion from customer contracts

KARACHI (June 24, 2014) – The International Accounting Standards Board (IASB), which develops global accounting standards for accounting standards, and the Financial Accounting Standards Board (FASB), the body responsible for developing accounting policies in USA, in May 2014 issued the long-awaited converged standard for revenue recognition from customer contracts. The new standard hinges on the principle that companies depict the ...

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