As a result of the revenue recognition project being undertaken
by the FASB and IASB:
revenue recognition will place more emphasis on when
revenue is earned.
revenue will no longer be recorded unless cash has been
received.
revenue recognition will place more emphasis on when
revenue is realized.
revenue recognition will place more emphasis on when
changes occur in assets and liabilities.
Question 7
Which of the following is false?
Under IFRS, firms do not engage in the closing process.
IFRS has fewer standards than GAAP that address revenue
recognition.
Under IFRS, the term expenses includes losses.
Under I