In: Accounting
Analyze and evaluate the potential impact a change from U.S. GAAP to IFRS would have on U.S. companies for revenue recognition of goods and services. This includes both the impact on specific amounts in the financial statements, in addition to the impact on various stakeholders associated with a company (e.g., creditors, investors, suppliers, management, employees, etc.).
Solution:-
Analyze and evaluate the potential impact a change from U.S. GAAP to IFRS would have on U.S. companies for revenue recognition of goods and services:-