IFRS for revenue recognition
A) is enforced by an international enforcement body, the IASB, which is comparable to the U.S. SEC.
B) bases revenue recognition on the concepts of "earned" and "realized or realizable."
C) permits use of the completed-contract method when costs are difficult to estimate.
D) contains limited industry-specific guidance.

Question

Quizplus · Accepted Answer

IFRS provides a more principles-based approach with limited industry-specific guidance compared to U.S. GAAP, which has more detailed rules and industry-specific guidance.

IFRS for Revenue Recognition