Under IFRS,service revenue should be recognized when it is probable that future economic benefits will be received and the entity can reliably measure all of the following except the
A)amount of revenue.
B)stage of completion.
C)date of completion.
D)costs to complete the project.

Question

Quizplus · Accepted Answer

The date of completion is not a necessary factor for recognizing service revenue under IFRS. The three necessary factors are the amount of revenue, stage of completion, and costs to complete the project.

Under IFRS,service Revenue Should Be Recognized When It Is Probable