Question
Dear Class, Lets see how the IFRS and the Codification are related. In GAAP, you are free to choose between cash basis and accrual basis
Dear Class,
Lets see how the IFRS and the Codification are related.
In GAAP, you are free to choose between cash basis and accrual basis accounting if your annual sales are below $5 million while the IFRS mandates the use of accrual method for recording all revenue and expenses. How do U.S. GAAP and IFRS differ in their implementation of accrual accounting?
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Managerial Accounting
Authors: Sivaramakrishna, Ramji Balakrishnan
1st Edition
0471467855, 978-0471467854
