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 IFRS implies an arm's length transaction occurs.
D) Both refer to the realization principle and an earnings process.
E) Differences arise mainly from industry-specific guidance under U.S.GAAP.