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. GAAP
o 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?