Under IFRS, which of the following is generally not a guideline for recognizing revenue?
A) When (or as) the company satisfies the performance obligation.
B) The contract is identified with the client.
C) Collection is reasonably assured.
D) The transaction price is determinable.

Question

Quizplus · Accepted Answer

Under IFRS, revenue recognition is based on the satisfaction of performance obligations, identification of the contract, and determinability of the transaction price. "Collection is reasonably assured" is more aligned with U.S. GAAP rather than IFRS.

Under IFRS, Which of the Following Is Generally Not a Guideline