revenue recognition and consolidation

[jolinchewjb]

can anyone explain the main difference between IFRS and US GAAP in revenue recognition and consolidation?

 

[Fidget]

You might be interested to know that a new standard has recently been issued to converge US GAAP & IFRS in respect of Revenue recognition. It's not mandatory for another couple of years, but early adoption is allowed. So in the not too distant future, there won't be any differences.

There's a link to it here if you want to have a look:

http://www.pwc.com/en_US/us/cfodire...-01-revenue-from-contracts-with-customers.pdf