Hi all,
Can you please help me with the below. Please let me know if the statements below are accurate and if (4) below can be used under IFRS.
(1) % of Completion - GAAP (Preferred) & IFRS (Required)
(2) Completed Contract - GAAP Only (when reasonable estimate in (1) above cannot be made)
(3) Cost recovery - IFRS (when reasonable estimate in (1) above cannot be made) GAAP (alternative to Installment Sales)
(4) Installement Sales - GAAP (no reasonable estimate can be made), IFRS??? (can this be used under IFRS?)
Thank yo uso much!!!