There are several differences between IFRS and GAAP in regards
to revenue recognition. First, there are differences in the
conditions that must exist to recognize revenue from the sale of
goods. For example, under IFRS, one of the conditions is that “The
entity has transferred to the buyer the significant risks and
rewards of the goods.” Where as one of the GAAP conditions is
simply that “Delivery has occurred.” Second, there are differences
in recognizing revenue from construction contracts. For...