If a motion picture company wanted to find specific guidance on how to recognize revenue related to

Question:

If a motion picture company wanted to find specific guidance on how to recognize revenue related to its film licensing rights, would it find more specific industry guidance under U.S. or IFRS? Explain your answer.

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...