Which of the following statements about accrual basis accounting is correct? If a company uses accrual basis accounting, the company should not record revenue until payments is actually received. If a company uses accrual basis accounting, the company should record expenses in the same period as the revenues they generate. IFRS does not allow accrual basis accounting for external reporting of income. The items reported on the income statement continue to have an impact beyond the current period, whereas the items reported on the balance sheet impact just the current period.