What Is a Major Difference Between GAAP and IFRS with Regard

question 82

Multiple Choice

What is a major difference between GAAP and IFRS with regard to recognition of revenue?

• A) Under IFRS, the seller does not have to transfer risks and rewards of ownership to the buyer.
• B) IFRS does not require delivery of goods for revenue to be recognized.
• C) Under IFRS, the price of the goods does not have to be fixed or determinable.
• D) Under IFRS, the seller may retain managerial involvement over the goods after sale.

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Definitions:

Lamella

Thin layers or plates, such as those found in bone, making up the concentric rings in the structure of compact bone.

Canaliculus

Small, channel-like structures in bone and dental tissue, facilitating nutrients and waste exchange between blood vessels and osteocytes.

Lacuna

A small cavity or space within tissue, especially in bone or cartilage, where cells reside.

Circumferential

Pertaining to or measuring the perimeter of a circle or other rounded object.