Revenue recognition remains one of the critical parts of the accounting process in the preparation of financial statements.

Make sure to include the following core components concerning the theory topic.
1.Historical development of financial accounting theory.
2.Current GAAP.
3.Compare and contrast U.S. GAAP and IFRS in respect to Revenue Recognition.
4.Suggested changes or problem areas revealed in the debate arena.
5.Analyze points 2 and 3 in relation to the Conceptual Framework (include qualitative characteristics of useful information).
6.Suggest appropriate courses of action. I wanted to provide detail on what should be included in this section. Within this section, provide your recommended solution to the accounting problem supported by research and rationale that aligns with the theory. Provide a solution even if it is contrary to current practice or if a resolution has already been recommended by the FASB or other standard setting body. Of course, your recommended solution could be what is currently used in practice.

Sample Solution