Project #155585 - accounting

Business Tutors

Subject Business
Due By (Pacific Time) 11/30/2016 08:30 am

Hello,

An accounting paper should be written based on the attachments.

Paper instruction:

United Sates Senator Carl Levin, Chairman of the Permanent Subcommittee on Investigations, wrote a Comment Letter to the FASB Chairman, Russell G. Golden, indicting his opinion on the new Revenue Recognition Standard.

Assignment:

Please respond to Senator Levin’s criticism of the new “principles-based” approach to Revenue Recognition that he is referring to.  Some questions to consider include but are not limited to:

  1. Do you think that ASU 2014-09, Revenue from Contracts with Customers, will fit in with the United States’ current capitalistic culture?
  2. Do you prefer our current primarily rules-based Revenue Recognition Standard over a principles-based standard?
  3. Being about a year away from full integration, do you think that this newly proposed unified Revenue Recognition Standard will hold up in the United States?  In other words, do you think that the FASB will comply with its provisions?

 I am merely looking for well thought-out responses.  You may use quotes from the readings, PowerPoint presentation, the FASB Accounting Standards Codification website, or other literature.  You do not need a Works Cited page but please document your references in your write-up.  Please keep your responses to 1.5 pages typed-double spaced Times New Roman font 11 pt.

Thanks

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