Need help with the below, please explain briefly, thanks.
1. 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?
2. 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?
3. 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?
Please explain in detail why or why not, justifying results with specific details and example.
4. Please explain revenue recognition of convergence and the development of a global set of accounting standards — the process, the goals, the results to date, and the future prognosis — changed. Please explain in detail. Thanks
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