All of the following statements regarding recognition of receivables under U.S. GAAP and IFRS are true except US. GAAP and IFRS have similar asset criteria that apply to recognition of receivables s oe Receivables that arise from revenue generating activities are subject to broadly similar criteria for U.S. GAAP and IFRS The realization principle under GAAP implies an arm's length transaction occurs Under U.S. GAAP. provision refers to a liability whose amount or timing is uncertain. Differences arise mainly from industry-specific guidance under US. GAAP