BC14 Throughout the project, some respondents questioned the need to replace the requirements for revenue recognition, particularly because those requirements seemed to work reasonably well in practice and provided useful information about the different types of contracts for which they were intended.

(a) For US GAAP, some questioned whether a new revenue recognition model was necessary, because Accounting Standards Update No. 2009-13 Revenue Recognition (Topic 605): Multiple-Deliverable Revenue Arrangements resolved some of the issues that the Revenue Recognition project had originally intended to resolve. Furthermore, the FASB Accounting Standards Codification® (the Codification) had simplified the process of accessing and researching previous requirements for revenue.

(b) For IFRS, some indicated that the IASB could have improved, rather than replace, its previous revenue Standards by developing additional requirements for critical issues (for example, multiple-element arrangements).