Which of the following is the best representation of the accounting for Revenue Recognition under US GAAP and IFRS? Revenue recognition is a clear example of significant differences between the US GAAP and IFRS accounting standards. Both US GAAP and IFRS allow companies to choose whether or not they report revenue on their financial statements. Only IFRS allows companies to choose whether or not they report revenue on their financial statements. The Revenue accounting standard was initially determined as a joint project between the international and US accounting standard setters; Holding all else constant, in a period of rising prices, if a company chooses LIFO under US GAAP, how does their Gross Margin compare to a company in the same industry buying the same raw materials and reporting under IFRS? Gross Margin is Lower Gross Margin is Higher The inventory methods are the same, but Gross Margin is not affected by choices of Inventory Methods The Inventory methods differ, but Gross Margin is not affected by choices of Inventory Methods