The IFRS standard dealing specifically with revenue recognition is based on
A)whether the revenue is realized or realizable.
B)whether the revenue is earned.
C)whether the revenue is realized or realizable, and earned.
D)the probability that economic benefits will flow to the company, and reliability of measurement.

Question

Quizplus · Accepted Answer

The IFRS standard for revenue recognition, IFRS 15, is based on the probability that economic benefits will flow to the company and the reliability of measurement. It requires that revenue is recognized when control of goods or services is transferred to the customer, which aligns with these principles.

The IFRS Standard Dealing Specifically with Revenue Recognition Is Based