explain in general terms how the accounting for valuation of receivables is differen 646435

1. The following data are taken from the comparative balance sheets of Fulton Company. Compute and interpret its accounts receivable turnover for year 2011 (competitors average a turnover of 7.5).

	2011	2010
Accounts receivable, net	$152,900	$133,700
Net sales	754,200	810,600

2. Answer each of the following related to international accounting standards.

a. Explain (in general terms) how the accounting for recognition of receivables is different between IFRS and U.S. GAAP.

b. Explain (in general terms) how the accounting for valuation of receivables is different between IFRS and U.S. GAAP.