How does the IFRS balance sheet approach to revenue recognition differ for the U.S. GAAP approach?
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GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Under US GAAP revenue is defined without respect to the balance sh...View the full answer
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Related Book For 
International Financial Reporting Standards An Introduction
ISBN: 978-1133187943
3rd Edition
Authors: Belverd E. Needles, Marian Powers
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