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Identify a contracts with a customer

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Problem 1: The first step in the revenue recognition process in both US GAAP and IFRS is "Identify a contract(s) with a customer." What criteria must be met in US GAAP before a "contract with a customer" can be accounted for? What are the criteria in IFRS that must be met before a "contract with a customer" can be accounted for?

Reference no: EM132727639

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