Explain revenue recognition concepts under the US GAAP rule
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Explain revenue recognition concepts under the US GAAP rule
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- Describe conditions for revenue recognition under ASPE and IFRS.Please explain and analyze the effect of major differences between IFRS and U.S. GAAP related to the financial reporting of a specific category of account (e.g. current liabilities, provisions, employee benefits, share-based payment, income taxes, revenue, financial instruments, leases).Briefly describe how IFRS guidelines for recognizing revenue from multiple-deliverable arrangements differfrom U.S. GAAP guidelines.
- Discuss similarities and differences between the accounting treatment for U.S. GAAP and IFRS if any from the topic you selected.describe general principles of revenue recognition and accrual accounting, specifi c revenue recognition applications (including accounting for long-term contracts, installment sales, barter transactions, gross and net reporting of revenue), and implications of revenue recognition principles for fi nancial analysisdifferentiate between the Customs Act, Customs Tariff Act, and EIPA
- Determine the impact that specific differences between IFRS and U.S. GAAP have on financial statements, and prepare adjustments to convert IFRS balances to U.S. GAAP.What are two differences between IFRS and U.S. GAAP with respect to the classification of financial statement items?What qualitative and quantitative disclosures arerequired related to revenue recognition?
