Under International Financial Reporting Standards (IFRS) the cash-basis of accounting requires companies to record transactions in the period in which the events occur.

Question

Quizplus · Accepted Answer

Under IFRS, companies are required to use the accrual basis of accounting, which records transactions when the revenue is earned or expenses incurred, regardless of when the cash is received or paid out.

Under International Financial Reporting Standards (IFRS) the Cash-Basis of Accounting