IAS 18 Revenues

IAS 18 Revenues - IAS18 Revenues...

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Click to edit Master subtitle style  3/20/11 IAS 18 Revenues
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 3/20/11 US GAAP: many rules spread out across numerous sources o Very specific o Very rule-based o Timing is a major issue in US GAAP IFRS GAAP: consolidated in one standard (IAS 18) with a few exceptions in other standards o Recognition (when) o Measurement (how much) o Disclosure (how) Basic issue: revenue recognition
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 3/20/11 Basic definition : inflow of resources generated by ordinary business activities, including o Sale of goods o Rendering of services o Interest, royalties, and dividends o Other Official definition : “gross inflows of economic benefits during the period arising from the ordinary activities of an entity when those inflows result in increases in equity, other than increases relating to contributions from equity participants” Definitions
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 3/20/11 General rule: revenue should be measured at the fair value of consideration received or receivable o Fair value is the amount for which:
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IAS 18 Revenues - IAS18 Revenues...

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