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The FASB and the IASB agreed that the fundamental characteristic of revenue recognition is that revenue should be recognized when it is earned. the term

The FASB and the IASB agreed that the fundamental characteristic of revenue recognition is that

revenue should be recognized when it is earned.

the term revenue means different things to different companies in different countries.

revenues are recognized and measured based on changes in assets and liabilities.

the number of disclosures required for revenue recognition should be held to a minimum.

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