250 Words APA Formatted referencesYour supervisor at YOUCPA wants to know what you think about the...

Question

250 Words APA Formatted referencesYour supervisor at YOUCPA wants to know what you think about the proposed 
change from GAAP to IFRS in the United States and how it will impact revenue 
recognition.

Describe the methods of revenue recognition under each of the following:

U.S. GAAP
IFRS
Describe 1–2 ways in which these 2 methods differ.
Do you think that the traditional U.S. GAAP method of revenue recognition 
fulfills the needs of the International Financial Reporting System? Why, or why 
not?

Robert · Accepted Answer

Revenue Recognition is one of the accounting principle under which the treatment and 
recognition of revenue is mentioned. It one of the four main principles of the Generally Accepted 
Accounting Principles. The term recognition is the process of recording an item in the financial 
statements. The term earned is used in context of the revenue and the revenue is earned when the 
products are delivered or the services are performed. The revenue is recognized when the 
earnings process is complete and right of ownership is transferred to the buyer. 
Revenue Recognition Fraud is increasing continuously and needs to be checked. It can 
be divided into three different categories namely, holding the books open past the end of the 
accounting period,

250 Words APA Formatted references Your supervisor at YOUCPA wants to know what you think about the proposed change from GAAP to IFRS in the United States and how it will impact revenue recognition ....

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