REVENUE RECOGNITION

Revenue Recognition Term Paper Winter 2012

Revenue Recognition Term Paper Winter 2012

Introduction

A key principle of revenue recognition is based entirely on the concept of control. Revenue can be recognized only if the corresponding obligation to perform fully satisfied by transferring the promised goods or services to the client. Previous interim version of the standard is also focused attention on the control of the goods or services when transferring them to the client. But, nevertheless, it has generated a lot of comments from the representatives of certain sectors, in particular - the developers (IFRS, 2011c). After application of the concept of control ...