Which of the following are differences between U.S.GAAP and IFRS?
A)U.S.GAAP allows revaluation of nonfinancial assets
B)U.S.GAAP prohibits LIFO inventory accounting
C)U.S.GAAP and IFRS adopt contrasting approaches to revenue recognition
D)IFRS provides substantially more industry guidance

Question

Quizplus · Accepted Answer

U.S. GAAP and IFRS have converged in many areas, but they still adopt different approaches to revenue recognition, despite efforts to align the standards. U.S. GAAP has specific guidance for different industries, whereas IFRS is more principle-based in this area.

Which of the Following Are Differences Between U