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In September of 2002, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) jointly adopted the Revenue Recognition Project. The Boards did this in order to address existing revenue recognition problems in U. S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). The Boards are hoping to develop a single revenue recognition model using a recognition principle that can be applied consistently across different industries and to various transactions. For a variety of reasons, the Boards chose to abandon the traditional earnings process model of revenue recognition.
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