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2. Revenue recognition | Wikipedia

   en.wikipedia.org/wiki/Revenue_recognition

   Revenue Recognition under ASC 606 / IFRS 15 In May 2014, the FASB and IASB issued new, converged guidance on revenue recognition. This guidance, known as ASC 606 (or IFRS 15), aims to improve consistency in recognizing revenue from contracts with customers. [3] ASC 606 became effective in 2017 for public companies and 2018 for private companies ...

3. IFRS 15 | Wikipedia

   en.wikipedia.org/wiki/IFRS_15

   IFRS 15 is an International Financial Reporting Standard (IFRS) promulgated by the International Accounting Standards Board (IASB) providing guidance on accounting for revenue from contracts with customers. It was adopted in 2014 and became effective in January 2018. [1][2] It was the subject of a joint project with the Financial Accounting Standards Board (FASB), which issues accounting ...

4. Vendor-specific objective evidence | Wikipedia

   en.wikipedia.org/wiki/Vendor-specific_objective...

   Vendor-specific objective evidence In accounting practices, vendor-specific objective evidence (VSOE) is a method of revenue recognition allowed by US GAAP that enables companies to recognize revenue on specific items on a multi-item sale based on evidence specific to a company that the product has been delivered.

5. List of International Financial Reporting Standards | Wikipedia

   en.wikipedia.org/wiki/List_of_International...

   List of International Financial Reporting Standards This is a list of the International Financial Reporting Standards (IFRSs) and official interpretations, as set out by the IFRS Foundation. It includes accounting standards either developed or adopted by the International Accounting Standards Board (IASB), the standard-setting body of the IFRS Foundation. [1][2]

6. Accounting Standards Codification | Wikipedia

   en.wikipedia.org/wiki/Accounting_Standards...

   Accounting Standards Codification. In US accounting practices, the Accounting Standards Codification (ASC) is the current single source of United States Generally Accepted Accounting Principles (GAAP). It is maintained by the Financial Accounting Standards Board (FASB).

7. Generally Accepted Accounting Principles (United States)

   en.wikipedia.org/wiki/Generally_Accepted...

   Generally Accepted Accounting Principles (GAAP or U.S. GAAP or GAAP (USA), pronounced like "gap") is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC) [1] and is the default accounting standard used by companies based in the United States.

8. Substance over form | Wikipedia

   en.wikipedia.org/wiki/Substance_over_form

   In accounting for business transactions and other events, the measurement and reporting is for the economic impact of an event, instead of its legal form. Substance over form is critical for reliable financial reporting. It is particularly relevant in cases of revenue recognition, sale and purchase agreements, etc.

9. International Financial Reporting Standards | Wikipedia

   en.wikipedia.org/wiki/International_Financial...

   International Financial Reporting Standards, commonly called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB). [ 1 ] They constitute a standardised way of describing the company's financial performance and position so that company financial statements are understandable and ...