Briefly Explain the Critical Similarities and Differences Between the Completed

question 162

Essay

Briefly explain the critical similarities and differences between the completed contract method used by U.S. GAAP and the cost recovery method used in IFRS for accounting for long-term contracts when the percentage-of-completion method is not appropriate. (Ignore accounting for contract losses.)

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Definitions:

Psychological State

An individual's mental condition in terms of thoughts, feelings, and emotional wellbeing at a given time.

Positive Expectations

The belief or outlook that future outcomes will be favorable or beneficial, often influencing motivation, performance, and the approach to tasks or goals.

Work/Life Balance

The equilibrium between personal life and career demands, emphasizing the importance of prioritizing both areas for overall well-being and satisfaction.

Minimize Stress

Strategies or actions taken to reduce the level of strain and tension experienced by individuals.