Discussion

Question 1: Recently the FASB and IASB issued a new Revenue Recognition standard. Go to both the FASB and IFRS websites. Discuss this new standard using information obtained from both websites. Is this new standard significantly different from the previous revenue recognition standard? Why?

Question 2: How is an impairment loss on property, plant, and equipment determined and measured under IFRS? How does this differ from US GAAP?

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