There are several differences between IFRS and GAAP in regards to revenue recognition. First, there are differences in the conditions that must exist to recognize revenue from the sale of goods. For example, under IFRS, one of the conditions is that The entity has transferred to the buyer the significant risks and rewards of the goods. Where as one of the GAAP conditions is simply that Delivery has occurred. Second, there are differences in recognizing revenue from construction contracts. For example, in GAAP, If certain criteria are met, the percentage-of-completion method is used. If those criteria are not met, the completed contract method is used. In IFRS, The completed contract method is prohibited. If the percentage-of-completion method is not used because the final outcome cannot be reliably estimated, revenue is limited to the amount of recoverable costs incurred. Third, there are differences in recognizing revenue involving contingent consideration. For example, under IFRS, if there is the probability that economic benefits associated with the transaction will flow to the entityrevenue might be recognized prior to resolution of the contingency. However, with GAAP, Revenue related to contingent consideration should not be recognized until the contingency is resolved. Lastly, in regards to customer loyalty programs, there is not specific guidance related to accounting for customer loyalty programs. However, IFRS states that Credits awarded to program participants must be treated as a separately identifiable component of a sales transaction. PLEASE COMMENT ON THIS POST