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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asked Feb 18, 2020 188k views

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Inigo Selwood · Answer 1 · 2020-02-23T22:09:42+0000

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.

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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