Meaning of this sentence

[english_student]

Hello there!
Would it be possible for you tell me the meaning of the following sentence:

'The US has a plethora of guidance on Revenue Recognition.'
Thanks in advance.

[danmahaffey]

I believe the document you found this sentence in is the Canadian Accounting Standards Oversight Council's REPORT ON PUBLIC MEETING for a meeting held May 2-3, 2002. The meeting briefly covered the need for additional guidance on revenue recognition.

Guidance is the set of principles or standards that accountants must follow. Revenue recognition is the act of deciding whether a certain transaction is revenue and when to put it on the books.

The US, in the sentence you asked about, means the FASB, or the US Financial Accounting Standards Board. Plethora means fullness or excess.

The sentence means that there are plenty of standards on how to recognize revenue available as advice to Canadian accountants from the FASB.