Under IFRS,the following is not part of the revenue recognition principle:
A)promised goods or services have been transferred.
B)when control to the goods and services has not been transferred to the customer
C)the transaction price is determinable
D)the obligated performance is satisfied

Question

Quizplus · Accepted Answer

Under IFRS, the revenue recognition principle includes that promised goods or services have been transferred, the transaction price is determinable, and the obligated performance is satisfied. However, when control to the goods and services has not been transferred to the customer, revenue recognition is not allowed.

Under IFRS,the Following Is Not Part of the Revenue Recognition