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US GAAP provides specific guidance for revenue
recognition for certain industry and transaction
types, including but not limited to:
► ASC 310, Receivables
► ASC 470, Debt
► ASC 605, Revenue Recognition
► ASC 730, Research and Development
► ASC 912, Contractors — Federal Government
► ASC 920, Entertainment — Broadcasters
► ASC 922, Entertainment — Cable Television
► ASC 926, Entertainment — Films
► ASC 928, Entertainment — Music
► ASC 944, Financial Services — Insurance
► ASC 952, Franchisors
► ASC 958, Not-for-Profit Entities
► ASC 976, Real Estate — Retail Land
► ASC 985, Software
Entities will need to ensure that none of their current revenue recognition accounting policies conflicts with the principles of IFRS. In addition, because IFRS revenue-related pronouncements are generally principles-based (e.g., revenue is recognized when the earnings process is complete
and the risks and rewards have been transferred, among others) and there is less specific guidance
compared with US GAAP, the reporting entity may have to expand its current revenue recognition
policies to ensure that those policies contain enough specificity on how they comply with IFRS.
Those policies also must address the transactions and specific industries that are covered under US GAAP (as referenced above) but that are not specifically addressed in IFRS. Because of the
detailed rules pertaining to revenue recognition contained within US GAAP, certain reporting entities may decide they wish to reference the more specific US GAAP requirements to develop their accounting policies based on the provisions of IAS 8.
