Asked by
Nyree Berberian
on Nov 22, 2024
Verified
Which of the following is a similarity between the Generally Accepted Accounting Principles (GAAP) and the International Financial Reporting Standards (IFRS) ?
A) Both are developed by the International Accounting Standards Board.
B) Both are developed by for-profit organizations.
C) When considering revenue recognition for long-term construction contracts, both require percentage-of-completion when reliable estimates can be made.
D) When considering revenue recognition for long-term construction contracts, both require cost recovery method when reliable estimates can't be made.
Percentage-of-Completion
An accounting method used to recognize revenues and expenses of long-term contracts as a percentage of work completed during the period.
Revenue Recognition
The accounting principle defining the specific conditions under which revenue is recognized or recorded.
- Discern between the International Financial Reporting Standards (IFRS) and the Generally Accepted Accounting Principles (GAAP).
Verified Answer
FE
Learning Objectives
- Discern between the International Financial Reporting Standards (IFRS) and the Generally Accepted Accounting Principles (GAAP).
Related questions
Which of the Following Is True of the International Accounting ...
Unlike the Generally Accepted Accounting Principles (GAAP), the International Financial ...
The Financial Statements of Publicly Traded Companies in the United ...
Identify a True Statement About the International Accounting Standards Board ...
The Conceptual Framework That Underlies IFRS ...