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11804


Sale of goods

IAS 18-pr14
For sale of goods transactions,
revenue is recognised
when all of (1) – (5) conditions are met

(1) risks and rewards of ownership are transferred
(2) neither effective control nor continuing managerial involvement
(3) inflow of economic benefits is probable
(4) reliable measurement of revenue amount
(5) reliable measurement of costs incurred
 

   
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