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This Standard deals with the bases for recognition of revenue in the statement of profit and loss of an enterprise. The Standard is concerned with the recognition of revenue arising in the course of the ordinary activities of the enterprise from. — the sale of goods, — the rendering of services, and.
9.1 Recognition of revenue requires that revenue is measurable and that at the time of sale or the rendering of the service it would not be unreasonable to expect ultimate collection.
This article explains how IAS 18 and IAS 11 define ‘revenue’ and the principles that underpin the recognition and measurement of revenue. It also reviews some of the implementation examples provided as an accompaniment to IAS 18 and outlines likely changes to the method of accounting for revenue in the future.
The underlying principle is that an entity will recognise revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The standard could significantly change how many entities recognise revenue.
An introduction to revenue from contracts with customers 1-3 industries, auditors, users from various geographical locations, and public and private organizations.
AS 9 for Revenue recognition is mainly concerned with timing of recognition of revenue in the profit and loss account, amount of revenue arising on a transaction and influence of uncertainties existing regarding the determination of the amount, or its cost on timing of revenue recognition.
AS 9 Revenue Recognition states revenue as cash inflow from sale of goods or services, hiring, insurance contracts, etc., applicable to level I enterprises with turnover exceeding 50 crores and focuses on revenue timing and amount determination.
