Transfer of 'control' of the asset is central to the recognition of revenue under the new accounting standard IASB (2011).

Name: Transfer of 'control' of the asset is central to the recognition of revenue under the new accounting standard IASB (2011).
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Transfer of control is the key criteria for revenue recognition under the new accounting standard IASB (2011). This means that revenue is recognized when a customer gains control over a good or service, indicating the completion of the transaction.

Transfer of 'Control' of the Asset Is Central to the Recognition