Which of the following statements is correct? The most important difference between IFRS and ASPE with respect to revenue recognition is that IFRS uses the five-step contract-based approach, whereas ASPE uses the earnings approach. O IFRS allows several methods of revenue recognition to the used for long-term contracts, whereas only the completed- contract method is allowed under ASPE. O Where a right of return exists, IFRS uses a contra revenue account whereas ASPE sets up a refund liability. O The most important difference between IFRS and ASPE with respect to revenue recognition is that ASPE uses the five-step contract-based approach, whereas IFRS uses the earnings approach.

Which of the following statements is correct? The most important difference between IFRS and ASPE with respect to revenue recognition is that IFRS uses the five-step contract-based approach, whereas ASPE uses the earnings approach. IFRS allows several methods of revenue recognition to be used for long-term contracts, whereas only the completedcontract method is allowed under ASPE. Where a right of return exists, IFRS uses a contra revenue account whereas ASPE sets up a refund liability. The most important difference between IFRS and ASPE with respect to revenue recognition is that ASPE uses the five-step contract-based approach, whereas IFRS uses the earnings approach