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QUESTION

Revenue Recognition Go to the FASB Website, located at http://www.fasb.org/home, and search for information on revenue recognition. Analyze at least two (2) major differences regarding revenue recogni

Revenue Recognition

  • Go to the FASB Website, located at http://www.fasb.org/home, and search for information on revenue recognition. Analyze at least two (2) major differences regarding revenue recognition between IFRS and GAAP. Based on your analysis, recommend one (1) strategy that would best resolve such differences. Support your recommendation with at least two (2) examples of the successful implementation of the recommended strategy.
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***** are *** ******** ******* ** ********** **** ** corporations around *** ***** **** ********* *** the generally accepted ********** ********** ** GAAP while international companies use *** ************* ********* ********* ********* ** ******* major *********** differences between *** *** ******* ** ***** ********* of ******* *********** *** ********* ************ principles ** ***************** rulesIn ***** ** ******* *********** the **** ********** *** **** **** ******* ** ***** ************ **** GAAP **** ******* recognition ** ****** by two ******* standards *** four general *************** **** on the ***** hand has ****** ******** ***** and ********** ******** *** * **** ******* of industries ** * ************ ******** example under **** * construction company can ***** ** ***** ******* *********** ***** a ******** ** ********* This **** ***** ** ******** ** ************ ********* ****** **** ** delay ******* any ******* during *** period ** **** in ***** **** *** actually providing ***** ** * ************* **** ***** ******* this is prohibited Instead *** ******* *** *** ******* ** ******* *********** ** choose ************** contract revenue ***** ** the ***** of *** contract *** ********* ***** **** *** *** ********** of the ******** **** has **** ********* ******* this ****** ***** as *** ************************* ******* *** revenue recognized is ************ ** *** relative ********** ** *** ***************** ******* ** *** *********** ***** ******** **** the ********** periodIFRS ****** **** ******* ** the ********* **** ******* ****** ** ********** ** ***** ********* ***** the industry-specific ***** under **** give *** ************ ******* another ****** ******* **** broad **************** **** *** weeds * *** ******* ******* *********** with IFRS ** *********** ** ****** a **** ** ***** a ********* of ******** ************ ********* or the *** of ********* ****** ****** ******** on ********* ****** ********* intellectual property licensing *** ******* use cases) There *** ******** ***** that **** **** ************* **** * sale *** **** ******* as *** ** ***** **** ********** *** ** ******* *** ***** *** consistent *** *************** regardless of ************ on *** ***** hand ****** ** determining whether * sale is ******** or ********** *** **** whether ** *** **** ****** ******* ** not ********** ***** the ******** ** ***** *** ******** occurred ******* ***** **** ********* ****** ************** **** ***** ******* the ********** ** **** **** **** an ********** **** ** ***** ******** to the ******** ** ***** *** business operatesIn **** *** **** ***** *** ** **** ** principle-driven across *** ********** ***** GAAP rules are ****** ******** and can **** ****** **** each **** This *********** ********** ***** * **** comparison ******* the *** ******** **** ** ***** through **** *** GAAP on * transaction-by-transaction ******************** basis  StrategyMerge ***** two systems ** much ** ******** -GAAP ********* **** **** into *** *** ** ************ international standards * unified *** ** accounting ********* will ******* companies investors ********* financial users etc **** helpful *********** **** ** ******** *** ******** *** making ********* ************* *** past several ***** ** *** ************* regulators and ********** ************ **** ***** ***** *** ******* *** ******** goal *** ** **** a ****** ****** ********** ****** **** ************ ****** *** world can *** **** ********* *** parties ***** ****************** ********* **** ** **** **** **** ***** with IFRS ** prepare financial statements on an ******* basis; ******* ******* ** ********** when it is ******** or ************* differences ******* IFRS *** **** *** **** **** ** accountant's ********** *** *** ***** ** two ******* **** meaningful effects ** ********** *** ********* *** **** the *******

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