IFRS for revenue recognition
A. bases revenue recognition on the concepts of “earned” and “realized or realizable”.
B. permits use of the completed-contract method when costs are difficult to estimate.
C. contains limited industry-specific guidance.
D. is enforced by an international enforcement body, the IASB, which is comparable to the U.S. SEC.
Answer:A
IFRS for revenue recognition
A. bases revenue recognition on the concepts of “earned” and “realized or realizable”. B. permits use of the completed-contract method when costs are difficult to estimate. C. contains limited industry-specific guidance. D. is enforced by an international enforcement body, the IASB, which is comparable to the U.S. SEC.