Which statement best describes the relationship between IFRS 15 and US GAAP revenue recognition?

• A. They have completely different frameworks for recognizing revenue.
• B. They share principles around performance obligations but differ in detailed guidance.
• C. Both require revenue to be recognized when control transfers, with identical detailed rules.
• D. IFRS recognizes revenue only when cash is received, while US GAAP uses accrual.

Answer: (B)