Ask Question
BusinessBusiness
25 July, 16:05

German companies do not recognize the profit until the project is completely finished and they have been paid. recognize profits before the project is finished. recognize profits when the project is initialized. do not recognize the profits until they have been formally audited

+4
Answers (1)
  1. 25 July, 17:13
    0
    German companies do not recognize the profit until the project is completely finished and they have been paid.

    Explanation:

    German companies prepare their accounting balances under IFRS standards (common for all EU member countries) and German GAAP.

    Under IFRS standards, revenue must be recognized when the business satisfies a performance obligation.

    German GAAP is very prudent in determining profits, that is why they are only recognized once a project is completely finished and it has been completely paid.

    Some specific German rules are to starting to change due to globalization, but others are still subject to legal requirements.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “German companies do not recognize the profit until the project is completely finished and they have been paid. recognize profits before the ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Total utility A. cannot decrease as a person consumes more and more of a good. B. has a constant rate of increase as a person consumes more and more of a good. C. is equal to the sum of the marginal utilities of all units consumed. D.
Answers (1)
On friday, niles sold $3.25 more than twice what she sold on thursday. she sold $20.25 friday. how much did she sell thursday?
Answers (1)
The shadow banking system refers to 1. Non-bank financial firms that provide legal advice on mergers. 2. Non-bank financial firms that acted as stock brokers by buying and selling stocks in an effort to make a profit. 3.
Answers (1)
Which of the following terms accurately describes functional strategies that are properly aligned, traceable to the business strategy, and require coordination among multiple functional areas? a. agile strategies b. supply chain strategies c.
Answers (1)
On April 1, Moloney Meat Distributors sold merchandise on account to Fronke's Franks for $1,600 on Invoice 1001, terms 3/10, n/30. Payment was received in full from Fronke's Franks, less discount, on April 10.
Answers (1)
New Questions in Business
What does homeowner's insurance pay for in case of damage to your house and its contents? apex?
Answers (1)
If a perfectly competitive firm is facing a situation where the price of its product is lower than the average total cost, which of the following statements is true?
Answers (2)
Miles uses the allowance method and wrote off the account of james. miles then received $559 as partial payment on the account of james. the journal entry to record the initial write-off includes? a
Answers (1)
U. S. Interest Rates during the Credit Crisis During the credit crisis, U. S. interest rates were extremely low, which enabled businesses to borrow at a low cost.
Answers (1)
The following production data were taken from the records of the finishing department for June:Inventory in process, June 1, 25% completed 1,500 unitsTransferred to finished goods during June 5,000 unitsEquivalent units of production during June
Answers (1)
Home » Business » German companies do not recognize the profit until the project is completely finished and they have been paid. recognize profits before the project is finished. recognize profits when the project is initialized.
Sign Up Forgot Password?