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Revenue recognition

Accruals accounting is based on the matching of costs with the revenue they generate.

IAS 18 Revenue is concerned with the recognition of revenues arising from fairly common transactions.

- The sale of goods

- The rendering of services

- The use by others of enterprise assets yielding interest, royalties and dividends

Generally revenue is recognized when the entity has transferred to the buyer the significant risks and rewards of ownership and when the revenue can be measured reliably.

Interest, royalties and dividends are included as income because they arise from the use of an entity’s assets by other parties.

Interest is the charge for the use of cash or cash equivalents or amounts due to the entity.

Royalties are charges for the use of non-current assets of the entity, e.g. patents, computer software and trademarks.

Dividends are distributions of profit to holders of equity investments, in proportion with their holdings, of each relevant class of capital.

- Definition：

Revenue：is the gross inflow of economic benefits during the period arising in the course of the ordinary activities of an enterprise when those inflows result in increases in equity, other than increases relating to contributions from equity participants.

Ie, Revenue does not include sales taxes, value added taxes or goods and service taxes which are only collected for third parties.

Fair value: is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction.

Sale of goods:

Ie. Where revenue and expenses cannot be estimated reliably, then revenue cannot be recognized, any consideration which has already been received is treated as a liability.

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