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Question:

If the outcome of the project cannot be measured reliably, revenue recognized during 2009 under U.S. GAAP and IFRS is most likely: IFRS and U.S. GAAP

A $2,000,000 and None
Explaination

Note that this question relates to a period prior to 2014 when the converged standards were issued.
When the outcome of a long-term project cannot be measured reliably:
• Under U.S. GAAP, the completed contract method is used. No revenue is recognized until project completion.
• Under IFRS, revenue is recognized to the extent of costs incurred during the period.