Briefly explain the critical similarities and differences between the completed contract method used by U.S. GAAP and the cost recovery method used in IFRS for accounting for long-term contracts when the percentage-of-completion method is not appropriate. (Ignore accounting for contract losses.)

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The Answer of Briefly explain the critical similarities and differences between the completed contract method used by U.S. GAAP and the cost recovery method used in IFRS for accounting for long-term contracts when the percentage-of-completion method is not appropriate. (Ignore accounting for contract losses.)

Briefly Explain the Critical Similarities and Differences Between the Completed