FASB and IASB initiated their joint project on revenue recording to converge IFRS and US GAAP in this area. The main objective of this paper is comparative analysis of revenue recognition under both systems and evaluation of the most significant differences in revenue recognition and measurements as...
US收入usGAAPIFRSandgaap收入确认underAND 系统标签: ifrsgaaprevenuerecognition准则comparison The Business Review, Cambridge * Vol. 12 * Num. 2 * Summer * 2009 284 Revenue Recognition under US GAAP and IFRS Comparison Dr. Hana Bohusova, Mendel University, Brno, Czech Republic ABSTRACT In 2001 the ...
Recently, accounting for revenue has undergone significant changes as a result of IASB and FASB attempting to converge revenue recognition under IFRS and US GAAP. The converged standards require a five-step process for revenue recognition. This involves:...
” Separate definition for Gains. Although the definitions of revenue under IFRS and US GAAP differ, the application of IFRS and US GAAP in practice often yields the same results. B. Applicable Authoritative Guidance The primary IFRS guidance applicable to revenue recognition accounting includes: ...
However, revenue recognition requirements under IFRSs are different from those under US GAAP and both sets of requirements need improvement. US GAAP comprises broad revenue recognition concepts and numerous requirements for particular industries or transactions that can result in different accounting for ...
Under GAAP, you can recognize revenue from the sale of goods if you've made delivery according to a definitive agreement for a fixed or determinable fee that you are reasonably sure you'll collect. IFRS allows recognition when the risks and rewards of ownership have been transferred, you've...
The five-step model for revenue recognition under IFRS 15 Step 1: Identify the contract with a customer A contract is an agreement between two or more parties that creates enforceable rights and obligations. For revenue recognition, a contract must meet certain criteria, such as both parties appr...
用Quizlet學習並牢記包含Revenue recognition、Overview of 5 steps in Revenue Recognition、1. Identity the contract(s) with a customer等詞語及更多內容的單詞卡。
revenue recognition
Revenue-recognition requirements in US GAAP differ from those in International Financial Reporting Standards (IFRSs) and both are considered in need of improvement. A major cause of complexity appears to be the overabundance of FASB revenue-recognition rules in comparison with the IASB standards. Many...