All of the following statements regarding recognition of receivables under U.S. GAAP and IFRS are true except:
A) Under U.S. GAAP, provision refers to a liability whose amount or timing is uncertain.
B) Differences arise mainly from industry-specific guidance under U.S. GAAP.
C) The realization principle under GAAP implies an arm's length transaction occurs.
D) Receivables that arise from revenue-generating activities are subject to broadly similar criteria for U.S. GAAP and IFRS.
E) U.S. GAAP and IFRS have similar asset criteria that apply to recognition of receivables.

Question

Quizplus · Accepted Answer

Under IFRS, provision refers to a liability whose amount or timing is uncertain.

All of the Following Statements Regarding Recognition of Receivables Under