To set forth the criteria for recognizing and recording revenue in the accounting period. Description: According to the revenue recognition principle, revenue must be reported when it is realized and earned, not necessarily when the actual cash is received. In addition, the following four criteria ...
Service Revenue -IFRS If the criteria of IAS 18 are met, IFRS requires that revenue from service transactions “be recognized by reference to the stage of completion of the transaction at the balance sheet date”. This means that revenues from service transactions should be recognized on a ...
Revenue is a significant part of an entity ś financial reporting. FASB and IASB initiated their joint project on revenue recognition. The preparation of a new common standard on revenue recognition is the main aim of this project. The structure of the paper is divided into three parts. Theor...
导致了两者迥然不同的风格：US GAAP 横平竖直，丁是丁卯是卯，不厌其繁地出台各种细节规定，自由发挥...
27. Lease:Both under US and Indian GAAP leases are classified as capital and operating leases as per certain criteria. Capital leases are included under property, plant and equipment of the lessor. Lease rentals on operating leases are expensed as incurred. Quantitative thresholds have been defined...
The "completed contract method" is standard under GAAP; you must wait to finish construction before recognizing revenue. However, large construction projects can use the "percentage of completion method" in which your revenue matches the percentage of work completed. If you meet certain criteria, yo...
Operating lease A lease, which not meets any criteria above.On the lessor side, meeting any of the above criteria, plus revenue recognition requirement(i.e. reasonably assured of cash collection)determines a capital lease. A lease other than finance lease. Lessor Under U.S. GAAP, capital leas...
Classification criteria are very similar, although there are differences in their assessment. Accounting for operating leases by lessors: this is very similar under IFRS and US GAAP, with small differences. Accounting for other leases by lessors: ...
Under IFRS, revenue from barter transactions must be measured based on the fair value of revenue from similar non barter transactions with unrelated parties (parties other than the barter partner) Gross Vs. Net Reporting To report gross revenues, the following criteria are relevant: 1. The company...
series. For example, on December 3, 1999, the SEC issued SAB 101, “Topic 13: Revenue Recognition and Topic 13A: Views on Selected Revenue Recognition Issues.”Here they emphasized two revenue recognition criteria: realized (or realizable) and earned.They also emphasized the following criteria: ...