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Update 8 - Revenue recognition proposals issued by the FASB & IASB
The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) (collectively, the Boards) issued a revised Exposure Draft (ED) Revenue from contracts with customers (“the 2011 ED”) in November 2011. The Boards had previously issued an ED on revenue recognition in 2010 (“the 2010 ED”) but following some critical responses, extensive outreach activities and its own re-deliberations the Boards have revised some of their original proposals.
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