Why Is It Difficult to Compare IFRS15/ASC606, Revenue, to U

question 10

Multiple Choice

Why is it difficult to compare IFRS15/ASC606, Revenue, to U.S. GAAP?

• A) The IASB definition of revenue is very complicated, whereas the definition of revenue under U.S. GAAP is straightforward.
• B) Revenue is not defined under U.S. GAAP.
• C) There is no single standard in U.S. GAAP that deals solely with revenue.
• D) Under U.S. GAAP, revenue is defined in terms of cash, whereas IAS 18 defines revenue in terms of a variety of resources.

---

Definitions:

Self-Efficacy

The faith an individual has in their power to enact behaviors aimed at realizing precise goals.

Goals

are desired outcomes or objectives that individuals set for themselves, guiding their actions and decisions.

Personal Deficiencies

The lack or inadequacy of certain traits, skills, or qualities within an individual, which may affect their performance or social interactions.

Modeling

The process of learning behaviors, attitudes, or emotional reactions through observing and imitating others, often discussed in the context of social learning theory.