FASB, IASB revise revenue recognition proposal.

The Financial Accounting Standards Board and the International Accounting Standards Board published revised proposals for revenue recognition as part of their continuing efforts at convergence.

The proposals aim to:

* Improve the financial reporting requirements for U.S. GAAP and IFRS for revenue and some of the related costs from contracts with customers.

* Provide a more robust framework for addressing revenue recognition issues; remove inconsistencies from existing...