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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