FASB adds revenue recognition project to its agenda.

• Position: Accounting & auditing news - Financial Accounting Standards Board - Brief Article

According to the Financial Accounting Standards Board, in an effort to provide better and more comprehensive guidance as to when companies should record revenues, it has added a project on revenue recognition to its agenda. As part of this project, the FASB will seek to eliminate inconsistencies in the existing accounting literature and accepted practices, fill voids in the guidance that have recently emerged and provide further guidance for addressing issues that arise in the future.

The board decided that, in the interim while the standard is being developed, the Emerging Issues Task Force...