IFRS and GAAP accounting are the same for each of the following except for the

Question

Quizplus · Accepted Answer

The criteria used to determine the recording of a factoring transaction differs between IFRS and GAAP accounting. In IFRS, a factoring transaction is recorded as a sale of receivables if certain conditions are met, while in GAAP, a factoring transaction is recorded as a borrowing if the transfer of receivables does not meet specific criteria. The recording of receivables, recognition of sales returns and allowances, and recognition of sales discounts are similar between IFRS and GAAP.

IFRS and GAAP Accounting Are the Same for Each of the Following