Conclusion

This chapter has reviewed revenue recognition and some other standards that relate to the income statement (while also potentially relating to the balance sheet). Some of the standards mentioned in this chapter were written quite a number of years ago and the contrast with more recent ones is quite strong. The IASB is well on the way to developing a new revenue recognition standard that should be used also in the US. It is also working on its own industry-specific standards in the area of insurance and mineral extraction, although these are probably some years away from application.

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