9. The appropriate approach to recognize long-term contract revenue under ASPE is a asset-liability approach to revenue recognition b. earnings approach to revenue recognition eamed and realized approach to revenue recognition. d. cash-based approach to revenue recognition c 10. Under IFRS, where a right to retum exists, a b sales returns and allowances are recognized as contra accounts to Revenues & Accounts Receivable. a refund liability is recognized c. this night does not need to be disclosed or accrued anywhere. d. this right is disclosed in the financial statements, no accrual necessary ACCT 3310 Intermediate Financial Accounting I-SPRING 2021 KWANTLEN POLYTECHNIC UNIVERSITY 11. The new IFRS standard, IFRS 15 Revenue from Contracts with Customers adopts an) eamed and realized approach to revenue recognition b. eamings approach to revenue recognition c. cash-based approach to revenue recognition. d asset-liability approach to revenue recognition a 12. Regarding presentation of discontinued operations, under IFRS, on the balance sheet, an entity must classify held-for-sale assets as current or non-current, depending on their nature available for sale assets. silly question: Assets held for sale do not appear on the balance sheet. current assets/iabilities b. C d