Which of the Following Statements Best Describes the Difference Between

question 16

Multiple Choice

Which of the following statements best describes the difference between U.S.GAAP and IFRS with respect to revenue recognition?

• A) IFRS has a substantial amount of industry specific guidance for revenue recognition.
• B) IFRS revenue recognition is not consistent with U.S.GAAP in principle.
• C) There are subtle differences in the wording of U.S.GAAP as compared with IFRS.
• D) IFRS has four criteria and U.S.GAAP has five conditions for revenue recognition.

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