PAS 18 - Philippine Accounting Standard18 REVENUE...

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Philippine  Accounting  Standard 18 REVENUE CDM, cgs-cluster 5
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Income As defined in the Framework for the  Preparation and Presentation of the  Financial Statements :       increases in economic benefits during the       accounting period   in the form of inflows or enhancements of       assets or decreases of liabilities   that results in increases in equity, other than     those relating to contributions from equity  participants . CDM, cgs-cluster 5
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Income encompasses : Revenue and Gains CDM, cgs-cluster 5
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Revenue   as defined  :   The gross inflow of economic benefits     during the accounting period   arising in the course of the ordinary       activities of an entity   when those inflows result in increases       in equity, other than increases       relating to contributions from equity       participants CDM, cgs-cluster 5
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PAS 18 does not apply to: Revenue arising from: Lease agreements (PAS 17) Dividends from investments under equity method (PAS  28) Insurance contracts (PFRS 4) Construction contracts (PAS 11) Changes in fair value of financial assets  and liabilities  (PAS 39) Changes in the value of other current assets (gains) Initial recognition of biological assets and agricultural  produce (PAS 41) Changes in fair value of biological assets (PAS 41) Extraction of mineral ores (PFRS 6) CDM, cgs-cluster 5
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 PAS 18 applies to revenue arising from:   sale of goods  rendering of services  use by others of entity assets yielding:      interest,  royalties,  and dividends   CDM, cgs-cluster 5
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Objective of PAS 18  to prescribe the accounting treatment of  revenue arising from certain types of  transactions and events  primary accounting issues:           -  when to recognize revenue           -  how to measure revenue CDM, cgs-cluster 5
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This note was uploaded on 11/30/2011 for the course ECON 310 taught by Professor Johnsmith during the Spring '11 term at Kentucky.

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PAS 18 - Philippine Accounting Standard18 REVENUE...

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