
Unformatted text preview: revenue be recognized when delivery has occurred, there is persuasive evidence of the sale, the fee is fixed and collectability is reasonably assured. However, under IFRS revenue is recognized when risk and reward of ownership has been transferred, the buyer has control of the goods, revenues can be measured reliably, and its possible that economic benefits will flow to the company. When concerning services GAAP has a few specific services that are expressed separately in GAAP. Under IFRS the service revenue may be recognized whenever revenues and costs can be measured reliably, and its probable that economic benefits will flow through to the company....
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- Spring '11
- Staff
- Depreciation, Intangible Assets, Generally Accepted Accounting Principles, Ruckman, Ruckman, Inc., IFRS cost allocation
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