Which receivables accounting and reporting issue is essentially the same for IFRS and GAAP?

Question

Quizplus · Accepted Answer

All of these issues, namely the use of allowance accounts and the allowance method, recording discounts, and recording sales returns and allowances, are fundamentally the same for IFRS and GAAP. Both accounting frameworks require companies to use allowance accounts to estimate and reserve for potential bad debts, record any discounts offered to customers appropriately, and disclose sales returns and allowances separately in the financial statements.

Which Receivables Accounting and Reporting Issue Is Essentially the Same