Which of the following is not a step in recognising revenue according to IASB (2011)?
A) Identify the contract with a customer.
B) Determine the transaction price.
C) Recognise revenue before title of the assets transfers to the customer.
D) Identify the separate performance obligations in a contract.

Question

Quizplus · Accepted Answer

Recognising revenue before title of the assets transfers to the customer is not a step in recognising revenue according to IASB (2011). The correct steps are: identifying the contract with a customer, identifying the separate performance obligations in a contract, determining the transaction price, allocating the transaction price to the separate performance obligations, and recognising revenue when (or as) the entity satisfies a performance obligation.

Which of the Following Is Not a Step in Recognising