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Your supervisor at YOUCPA wants to know what you think about the proposed change from GAAP to IFRS in the United States and how it will impact revenue recognition.
• Describe the methods of revenue recognition under each of the following:o U.S. GAAPo IFRS
• Describe 1-2 ways in which these 2 methods differ.
• Do you think that the traditional U.S. GAAP method of revenue recognition fulfills the needs of the International Financial Reporting System? Why, or why not?
Objective:
• Develop a thorough understanding of accounting standards and principles.• Fulfill the core accounting educational requirement to sit for the CPA exam.• Prepare to practice in public and private accounting position.• Advance to a higher professional level.
Financial Statement Analysis and Preparation
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