International Financial Reporting Standards (IFRS)

IFRS for Small and Medium-sized Entities (SMEs)
Section 23: Revenue

1. Revenue is measured at
--> fair value of the consideration
--> received or receivable

2. Exchanges of goods or services

(1) Revenue is not recognised when
--> goods or services are exchanged for (A)
--> (A) goods or services with similar nature and value

(2) Revenue is not recognised when
--> goods or services are exchanged
--> in a transaction without commercial substance

3. Construction contracts

If outcome of a contract cannot be reliably estimated
--> revenue is recognised up to (B)
--> (B) the contract costs incurred and recoverable