U.S. GAAP and IFRS always have the same revenue recognition criteria.

Question

Quizplus · Accepted Answer

While there are similarities between U.S. GAAP and IFRS revenue recognition criteria, there are also differences. For example, IFRS allows for the recognition of revenue over time in certain circumstances, while U.S. GAAP requires specific criteria to be met before revenue can be recognized over time. Additionally, there are differences in how contract costs are accounted for and how revenue is recognized in transactions involving multiple deliverables.

US GAAP and IFRS Always Have the Same Revenue Recognition