International Accounting Standards (IAS)
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International Accounting Standard (IAS) 18
Revenue


International Financial Reporting Standards (IFRS)
International Accounting Standards (IAS)
U.S. GAAP by Topic
 
International Accounting Standard (IAS) 18
  
   IAS 18
   Revenue
    Issued in December 1993: replaced December 1982 version of IAS 18
   Recent amendment: by IAS 1 revised in September 2007
  
   What is revenue?

      Revenue is
      (1) the gross inflow of economic benefits
      (2) occurring in the course of ordinary activities
      (3) and such inflow increases the equity
 
      --> an increase in equity
      --> due to the contributions from equity participants
      --> is not revenue
  
   Revenue is measured
      --> at the fair value of the consideration
      --> received or receivable
  
   Revenue from the sale of goods
      --> recognised when all of the following conditions are met:

      (1) significant risks and rewards of ownership are transferred
      (2) revenue amount can be reliably measured
      (3) costs can be reliably measured
      (4) inflow of economic benefits is probable
      (5) no continuing managerial involvement
           and no effective control over the goods sold
  
   Interest, royalties and dividends
      --> recognised when all of the following conditions are met:

      (1) inflow of economic benefits is probable
      (2) revenue amount can be reliably measured
  
   Interest revenue
      --> recognised using effective interest method
  
   Royalties
      --> recognised on an accrual basis
  
   Dividends
      --> recognised when
      --> the shareholder's right (to receive payment) is established
  
  




U.S. GAAP by Topic
 
 Accounting Topics
  Inventory Valuation Methods
  Depreciation Methods
  Revenue Recognition Principle
  Accrual Basis vs. Cash Basis Accounting
  Basics of Journal Entries
  Ratios for Financial Statement Analysis
  Overview of Financial Statements
 
 
 


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