Chapter F, Problem 9QS

To determine

Concept Introduction:

International financial reporting framework (IFRS):

International financial reporting framework is the accounting framework/ accounting standards followed internationally to prepare the financial statements. IFRS are issued by the International Accounting Standards Board (IASB). IFRS fulfill the objective of common accounting standards worldwide.

United States generally accepted Accounting Policies (US GAAP):

United States generally Accepted Accounting Policies is the accounting framework/ accounting standards followed in the United States to prepare the financial statements. US GAAPS are issued by Financial Accounting Standards Board (FASB).

Requirement-a:

To Indicate:

The difference in the recognition of receivables under IFRS and US GAAP

To determine

Concept Introduction:

International financial reporting framework (IFRS):

International financial reporting framework is the accounting framework/ accounting standards followed internationally to prepare the financial statements. IFRS are issued by the International Accounting Standards Board (IASB). IFRS fulfill the objective of common accounting standards worldwide.

United States generally accepted Accounting Policies (US GAAP):

United States generally Accepted Accounting Policies is the accounting framework/ accounting standards followed in the United States to prepare the financial statements. US GAAPS are issued by Financial Accounting Standards Board (FASB).

Requirement-b:

To Indicate:

The difference in the accounting for valuation of receivables under IFRS and US GAAP