All of the Following Statements Regarding Recognition of Receivables Under

Multiple Choice

All of the following statements regarding recognition of receivables under U.S.GAAP and IFRS are true except:

A) U.S.GAAP and IFRS have similar asset criteria that apply to recognition of receivables.
B) Receivables that arise from revenue-generating activities are subject to broadly similar criteria for U.S.GAAP and IFRS.
C) The realization principle under GAAP implies an arm's length transaction occurs.
D) Under U.S.GAAP,provision refers to a liability whose amount or timing is uncertain.
E) Differences arise mainly from industry-specific guidance under U.S.GAAP.