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For long-term contracts, the cost recovery method under IFRS requires recognizing equal amounts of revenue and cost until all costs are recovered. a. True B. False
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For long-term contracts, the cost recovery method under IFRS requires recognizing equal amounts of revenue and cost until all costs are recovered.

a. True
B. False

User Amaala
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1 Answer

5 votes

Answer:

The answer is letter A. TRUE

Step-by-step explanation:

Because under IFRS firms tipically use the cost recovery method iif they conclude that the percentage of completion method is not appropriate to account for a long term contract.

User Inigo Selwood
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