Conceptual guidance in U.S.GAAP refers to the selling entity having earned the revenues (that is, having completed the earnings process).IFRS refers to
A)transferring the risks and rewards of ownership to customers (in the case of revenues involving goods).
B)having rendered services (in the case of revenues involving services).
C)measuring the costs of any obligations that the seller has not performed at the time it recognizes revenue with reasonable reliability.
D)all of the above.
E)none of the above.

Question

Quizplus · Accepted Answer

Under IFRS, revenue recognition involves transferring the risks and rewards of ownership to customers for goods, having rendered services for revenues involving services, and measuring the costs of any obligations that the seller has not performed at the time it recognizes revenue with reasonable reliability.

Conceptual Guidance in U