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With reference to IPSAS 9 (Revenue from Exchange Transactions), summarize five conditions that must be satisfied before revenue from the sale of goods can be...

      

With reference to IPSAS 9 (Revenue from Exchange Transactions), summarize five conditions that must be satisfied before revenue from the sale of goods can be recognized.

  

Answers


Martin
Sale of goods revenue (IPSAS 9)

Five conditions that must be satisfied before revenue from sale of goods can be
recognized
- The entity has transferred to the purchaser the significant risks and rewards of
ownership of the goods. :

- The entity retains neither continuing, managerial involvement to the degree usually
associated with ownership nor effective control over the goods sold.

- The amount of revenue can be measured reliably.

- It is probable that the economic benefits or service; potential associated with the
transaction will flow to the entity.

- The costs incurred or to be incurred in respect of the transaction can be measured
reliably.
marto answered the question on February 15, 2019 at 05:47


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