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Revenue realisation

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    Wendy C.
    AU
    Wendy C.

    There are four points at which revenue may be recognised.

    Samuel F.
    ZA
    Samuel F.

    Revenue is a crucial number to users of financial statements in assessing an entity’s financial performance and position. However, revenue recognition requirements under IFRSs are different from those under US GAAP and both sets of requirements need improvement. US GAAP comprises broad revenue recognition concepts and numerous requirements for particular industries or transactions that can result in different accounting for economically similar transactions. Although IFRSs have fewer requirements on revenue recognition, the two main revenue recognition standards, IAS 18 Revenue and IAS 11 Construction Contracts, can be difficult to understand and apply. In addition, IAS 18 provides limited guidance on important topics such as revenue recognition for multiple-element arrangements. Accordingly, the IASB and FASB initiated a joint project to clarify the principles for recognising revenue and to develop a common revenue standard for IFRSs and US GAAP that would: remove inconsistencies and weaknesses in existing revenue requirements provide a more robust framework for addressing revenue issues improve comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets provide more useful information to users of financial statements through improved disclosure requirements simplify the preparation of financial statements by reducing the number of requirements to which

    Harrison A.
    AT
    Harrison A.

    revenue realisations are revenues which are derived from an entity's main activities such as the sale of merchandise or performance of services and such services are considered to be earned when the earning process has been substantially completed .

    Harrison A.
    AT
    Harrison A.

    what are the four points of revenue ?

    Zachary B.
    US
    Zachary B.

    What does revenue realisation mean?

    Diamond T.
    US
    Diamond T.

    Revenue is a crucial number to users of financial statements in assessing an entity’s financial performance and position. However, revenue recognition requirements under IFRSs are different from those under US GAAP and both sets of requirements need improvement. US GAAP comprises broad revenue recognition concepts and numerous requirements for particular industries or transactions that can result in different accounting for economically similar transactions. Although IFRSs have fewer requirements on revenue recognition, the two main revenue recognition standards, IAS 18 Revenue and IAS 11 Construction Contracts, can be difficult to understand and apply. In addition, IAS 18 provides limited guidance on important topics such as revenue recognition for multiple-element arrangements. Accordingly, the IASB and FASB initiated a joint project to clarify the principles for recognising revenue and to develop a common revenue standard for IFRSs and US GAAP that would: remove inconsistencies and weaknesses in existing revenue requirements provide a more robust framework for addressing revenue issues improve comparability of revenue recognition practices across entities,

    Douglas R.
    US
    Douglas R.

    Revenue is recorded in different years and months for reports.

    Erick V.
    PE
    Erick V.

    claro la venta puede realizarse a crédito y se anota la venta de pago a futuro, aunque el crédito sea a 30 dias

    Tony I.
    NG
    Tony I.

    Is there a difference between point of cash and point of sale?

    Pride C.
    ZW
    Pride C.

    point of sale is when a "sale" is made that is when a customer commits themselves and this may be on credit/cash whereas point of cash is when payment is made (cash received

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