Moving towards principles-based accounting standards: The impact of the new revenue standard on the quality of accrual accounting

• Main Author: HE, HUIYU
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 2023
• Subjects: revenue recognition; sales commissions; accruals; principles-based standard; FASB; cash flow predictability; earnings management; relevance; accrual anomaly; Accounting
• Online Access: https://ink.library.smu.edu.sg/etd_coll/462; https://ink.library.smu.edu.sg/context/etd_coll/article/1460/viewcontent/GPAC_AY2018_PhD_Huiyu_HE.pdf
• Institution: Singapore Management University

The new revenue standard (ASU 2014-09, codified in ASC 606 and ASC 340-40) establishes a comprehensive framework on accounting for contracts with customers and replaces most existing revenue recognition rules. The new guidance removes the inconsistencies and weaknesses of legacy guidance, while is m...