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Golden Answers Early Political Pressure on Revenue Recognition

Tammy Whitehouse | November 25, 2014

To answer early political pressure over the new accounting standard on revenue recognition, the Financial Accounting Standards Board is pledging its readiness to work through implementation issues as they are identified and brought to the board for action.

FASB Chairman Russ Golden sent a letter to Sen. Carl Levin, the soon-to-retire chairman of the Senate Subcommittee on Investigations, in response to charging FASB has put convergence with international rules ahead of U.S. investor concerns in adopting a more principles-based approach to revenue recognition. “The FASB stands ready to be responsive to concerns raised by our stakeholders and to work with the (Securities and Exchange Commission) if the commission identifies any areas where the standard does not deal robustly with practice issues,” Golden writes.

In May, FASB and the International Accounting...

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