Which of the following is not a condition that must be met under AASB 118 'Revenue' before revenue from the sale of goods is recorded?
A)The seller has effectively transferred ownership to the buyer.
B)The cash for the sale has been received.
C)The amount of revenue and related costs can be measured reliably.
D)All of the above are conditions that must be met.

Question

Quizplus · Accepted Answer

AASB 118 requires the seller to transfer ownership, and for the amount of revenue and related costs to be reliably measured, but cash receipt is not a condition before recording revenue from the sale of goods.

Which of the Following Is Not a Condition That Must