The first step in the revenue recognition process in both US GAAP and IFRS is "Identify a contract(s) with a customer."What criteria must be met in US GAAP before a "contract with a customer" can be accounted for?What are the criteria in IFRS that must be met before a "contract with a customer" can be accounted for?

For segment reporting purposes, in US GAAP, an operating segment is a component of a public entity that must have three characteristics.What are these characteristics? What characteristics does an operating segment of an entity have in IFRS?

Identify the conditions that are necessary for contingent loss to be accrued under US GAAP.For IFRS, define a) a contingent liability and b) a provision.What conditions are necessary for a provision to be recognized?What conditions are necessary for a contingent liability to be recognized?