1. In 2003, FASB and IASB met and established four criteria for establishing revenue recognition. To recognize revenue, which of the following conditions must be present?
A change in assets has occurred and can be appropriately measured.
Payment for the sale must be received prior to recognizing the revenue.
The product or deliverable, in the case of a service business, has been received by the customer.
A promise to deliver has been establ ...
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09 Apr 2016