Which are two conditions that must be met before revenue is to be recognized under IFRS?
A)Persuasive evidence of an arrangement exists and product or service can be delivered
B)Product or service can delivered and collectability is reasonably assured
C)Persuasive evidence of an arrangement exists and the market of the products or services are well regulated
D)Seller's price to the buyer is fixed or determinable and collectability is reasonably assured

Question

Quizplus · Accepted Answer

Revenue can only be recognized when the seller's price to the buyer is fixed or determinable and collectability is reasonably assured. This is in accordance with the IFRS framework for revenue recognition. The other options may be necessary for other aspects of accounting, but are not specifically related to revenue recognition.

Which Are Two Conditions That Must Be Met Before Revenue