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Revenue recognition and disclosure in the U.S. has a stark contrast to the reporting standards used by the UK. The U.S. Generally Accepted Accounting Principles (GAAP) follows a more prescriptive

Revenue recognition and disclosure in the U.S. has a stark contrast to the reporting standards used by the UK. The U.S. Generally Accepted Accounting Principles (GAAP) follows a more prescriptive approach to determine when revenue should be booked, and how it should be disclosed to investors. Conversely, the International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB), is more principle based and open to interpretation.

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Date Created
  • 2015-12
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  • Text
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