IAS18_06 - IAS 18 International Accounting Standard 18...

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
IAS 18 © IASCF 997 International Accounting Standard 18 Revenue This version includes amendments resulting from new and amended IFRSs issued up to 31 December 2005. The following Interpretations relate to IAS 18: •S I C - 2 7 Evaluating the Substance of Transactions in the Legal Form of a Lease I C - 3 1 Revenue—Barter Transactions Involving Advertising Services
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
IAS 18 998 © IASCF C ONTENTS paragraphs INTERNATIONAL ACCOUNTING STANDARD 18 REVENUE OBJECTIVE SCOPE 1–6 DEFINITIONS 7–8 MEASUREMENT OF REVENUE 9–12 IDENTIFICATION OF THE TRANSACTION 13 SALE OF GOODS 14–19 RENDERING OF SERVICES 20–28 INTEREST, ROYALTIES AND DIVIDENDS 29–34 DISCLOSURE 35–36 EFFECTIVE DATE 37 APPENDIX
Background image of page 2
IAS 18 © IASCF 999 International Accounting Standard 18 Revenue (IAS 18) is set out in paragraphs 1–37. All the paragraphs have equal authority but retain the IASC format of the Standard when it was adopted by the IASB. IAS 18 should be read in the context of its objective, the Preface to International Financial Reporting Standards and the Framework for the Preparation and Presentation of Financial Statements . IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies in the absence of explicit guidance.
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
IAS 18 1000 © IASCF International Accounting Standard 18 Revenue Objective Income is defined in the Framework for the Preparation and Presentation of Financial Statements as increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in increases in equity, other than those relating to contributions from equity participants. Income encompasses both revenue and gains. Revenue is income that arises in the course of ordinary activities of an entity and is referred to by a variety of different names including sales, fees, interest, dividends and royalties. The objective of this Standard is to prescribe the accounting treatment of revenue arising from certain types of transactions and events. The primary issue in accounting for revenue is determining when to recognise revenue. Revenue is recognised when it is probable that future economic benefits will flow to the entity and these benefits can be measured reliably. This Standard identifies the circumstances in which these criteria will be met and, therefore, revenue will be recognised. It also provides practical guidance on the application of these criteria. Scope 1 This Standard shall be applied in accounting for revenue arising from the following transactions and events: (a) the sale of goods; (b) the rendering of services; and (c) the use by others of entity assets yielding interest, royalties and dividends. 2 This Standard supersedes IAS 18 Revenue Recognition approved in 1982.
Background image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 06/12/2011 for the course ECON 801 taught by Professor Brend during the Summer '11 term at Abu Dhabi University.

Page1 / 20

IAS18_06 - IAS 18 International Accounting Standard 18...

This preview shows document pages 1 - 5. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online