Conceptual guidance in U.S. GAAP refers to the selling entity having earned the revenues (that is, having completed the earnings process). IFRS refers to
a. transferring the risks and rewards of ownership to customers (in the case of revenues involving goods).
b. having rendered services (in the case of revenues involving services).
c. measuring the costs of any obligations that the seller has not performed at the time it recognizes revenue with reasonable reliability.
d. all of the above.
e. none of the above.
D
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A deposit receipt said, "Seller to provide and pay for a structural pest control inspection report on improvements and pay for corrective work, if any." The broker must be certain that the buyer receives a copy of the structural pest control report:
A: Within 10 days of opening escrow; B: Within 5 working days of the date of the termite report; C: As soon as practicable before close of escrow; D: None of the above.
Unsought products are consumer products that the consumer either does not know about or knows about but does not normally consider buying
Indicate whether the statement is true or false