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 is recognized when (or as) a company satisfies a performance obligation by transferring a promised good or service to a customer. The guidelines include identifying the contract, determining the transaction price, and satisfying a performance obligation. The assurance of collection (C) is more aligned with U.S. GAAP criteria for revenue recognition, where collectibility is a consideration.

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