Problem: Harrington Company
Read the Case 5-1 in the textbook. The convergence of U.S. GAAP and IFRS was not successful in respect to revenue recognition. What are the similarities and differences between IFRS 15 and U.S. GAAP? Access the PricewaterhouseCoopers website for a comparative analysis. Provide at least 1 potential recommendation to facilitate convergence of revenue recognition.