The FASB and the IASB reached convergence on revenue recognition, an important accounting subject, in recent years. You should do some research on how the convergence process evolved on this accounting subject before both standard-setters eventually issued their respective standards addressing this subject. An online search will yield quite a bit of history and debate which occurred on this accounting subject between both the standard-setters and feedback from the public, including publicly listed firms. You may be able to find, also, at the respective FASB and the IASB websites, information related to the convergence process on this accounting subject.
Answer the following questions specifically in your Word document submission by copying and pasting each question in bold type with your answers below each question:
Summarize in a few paragraphs the convergence process on revenue recognition: How long did it take; was it contentious; what were the areas of disagreement as the convergence process developed; and once the standard-setters converged, which side went further than the other, in your opinion, to make the converged standard a reality?
In your opinion, did the FASB and the IASB reach convergence on revenue recognition in the issuance of their respective new accounting standards?
If convergence was not reached, what are the major differences that still exist on revenue recognition between the FASB and the IASB? Be specific in identifying any major differences that still exist, including but not limited to the potential impact on reported revenues and net income of any existing differences.
In your opinion, how did the differences between rules-based and principle-based standards influence the debate and ultimately the final revenue recognition accounting standard issued by both standard-setters?
Once the new revenue recognition accounting standard is implemented by companies around the world in the future, will we really be able to compare Company A in Industry Z reporting under IFRS to Company B in Industry Z under the US GAAP? Explain in detail why or why not, justifying your opinion with specific details. You can even pick a specific company in a specific industry, if you wish, in preparing your answer to this question.
Is either standard-setter still working on the implementation of the converged revenue recognition accounting standard? If so, what are 1 or 2 of the key implementation matters which are still being developed with regards to the new standard?
After doing your research for this Assignment Option, how has your overall opinion of convergence and the development of a global set of accounting standards — the process, the goals, the results to date, and future prognosis — changed? Explain in detail.
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