Describe the history, current status, and adoption implications of a Financial Accounting Standards Board ongoing project.

“The mission of the Financial Accounting Standards Board is to establish and improve standards of financial accounting reporting for the guidance and education of the public, including issuers, auditors, and users of financial information.” (http://www.fasb.org)
Project Objective
Describe the history, current status, and adoption implications of a Financial Accounting Standards Board ongoing project.

The project I chose is below with the direct link to it:
IFRS – Revenue from contracts with customers
https://www.ifrs.org/issued-standards/list-of-standards/ifrs-15-revenue-from-contracts-with-customers/

Requirements
The FASB has several ongoing projects that involve the review of standards and which may result in updates and/or revisions of financial accounting standards. You should select an ongoing FASB project after visiting the Technical Plan and Project Updates sections of the FASB Web site.
In a five page report, you should describe the project, its history (briefly), and the project’s status. The final section of your report should describe the implications of the project’s adoption. For example, a report might discuss a project that would result in accelerating the recognition of certain expenses and require additional disclosures.
Specifically:
Familiarize yourself with the project, including information on the history and background of the project and its status.
Using resources at www.fasb.org (including free access to U.S. GAAP codification if you register at the Web site as explained), identify the relevant GAAP and current standards involved. Discuss the proposed change (i.e., what will be different?) and the reasons for the change.
At least two sources should be from scholarly or professional journals. Maintain a research log to document your research process. You will find a research log template (sample research tracker) posted in Course Content.
Frequently the large Accounting Firms have extensive analyses of FASB topics. It is strongly recommended to become familiar with these websites. Occasionally they will also offer free webinars on FASB topics.
Prepare an annotated bibliography. See Course Content for more information and a sample annotated bibliography.
Identify stakeholders and the impact of the proposed change on each of the stakeholders (comment letters may provide good insight).
Please note: The paper should also compare and contrast the way IFRS and GAAP recognizes revenue from contracts with customers.

Last Completed Projects