Under both private entity GAAP and IFRS,
A)the earnings approach to revenue recognition is followed.
B)all of these
C)the percentage of completion methods are allowed.
D)warranty costs are accrued.

Question

Quizplus · Accepted Answer

Both private entity GAAP and IFRS follow the earnings approach to revenue recognition, allow the percentage of completion methods, and require the accrual of warranty costs.

Under Both Private Entity GAAP and IFRS