Goods and services are transferred over time if the customer controls the asset as the seller creates it or enhances it over time.

Name: Goods and services are transferred over time if the customer controls the asset as the seller creates it or enhances it over time.
Brand: Quizplus
Rating: 4.9 (40 reviews)

Question

Quizplus · Accepted Answer

This statement aligns with the revenue recognition principle under IFRS 15 and ASC 606, where revenue is recognized over time if the customer controls the asset as it is created or enhanced.

Goods and Services Are Transferred Over Time If the Customer