Revenue Definition Australian Accounting Standards

Accounting standard aasb 1004 the australian accounting standards board makes accounting standard aasb 1004 revenue under section 32 of the corporations act 1989.

Revenue definition australian accounting standards. Accounting standards relate to all aspects of an entity s finances including assets liabilities revenue expenses and shareholders equity. Early application is permitted. Australian accounting standard aasb 118 revenue is set out in paragraphs aus1 1 36. Aasb 118 is to be read in the context of other australian accounting standards including aasb 1048 interpretation and application of standards which identifies the uig.

New revenue standard introducing aasb 15 the new accounting standard may change how you do business. Prepared on 1 december 2009 by the staff of the australian accounting standards board. Prepared on 11 july 2007 by the staff of the australian accounting standards board. For technical guidance please refer to the following australian accounting standards.

Terms defined in this standard are in italics the first time they appear in the standard. It incorporates relevant amendments made up to and including 21 may 2009. 1 jan 2018. Amendments to australian accounting standards applying aasb 9 financial instruments with aasb 4 insurance contracts.

Understanding accounting standard. The new revenue standard is intended to increase comparability across companies and industries and eliminate gaps in existing guidance. Amendments to australian accounting standards recoverable amount of non cash generating specialised assets of not for profit entities. Compiled aasb standard aasb 118 revenue this compiled standard applies to annual reporting periods beginning on or after 1 january 2010.

Depending on existing accounting policies practices there may be significant impact on both the timing and amount of revenue recognised. All the paragraphs have equal authority. Early application is permitted. The standard includes a new model on how companies should account for their contracts with customers.

Compiled accounting standard aasb 118 revenue this compiled standard applies to annual reporting periods beginning on or after 1 july 2007. Revenue therefore plays a key role in determining a charity s financial reporting and other obligations. It incorporates relevant amendments made up to and including 30 april 2007.