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Accounting standards revenue recognition.
Revenue in accounting standard. A s 9 deals with the basis for recognition of revenue in the statement of profit and loss of an enterprise. Revenue may refer to income in general or it may refer to. It has been made mandatory in respect of accounts for periods commencing on or after 1 4 1991. All the paragraphs have equal authority.
The institute of chartered accountants of india has issued an accounting standard called as 9 on revenue recognition. Latest insight ifrs 15 revenue. Hkas 18 shall be read in the context of its objective the preface to hong kong financial reporting standards and the conceptual. This accounting standard was issued in november 1985.
The standard provides a single principles based five step model to be applied to all contracts with customers. Practical experiences from the market. In this webcast our experts discuss their practical experiences from the market as well as the challenges and opportunities presented by the new ifrs 15 revenue standard. In accounting revenue is the income or increase in net assets that an entity has from its normal activities in the case of a business usually from the sale of goods and services to customers.
Commercial revenue may also be referred to as sales or as turnover some companies receive revenue from interest royalties or other fees. Ifrs 15 specifies how and when an ifrs reporter will recognise revenue as well as requiring such entities to provide users of financial statements with more informative relevant disclosures. A comparison with international accounting standards hong kong accounting standard 18 revenue hkas 18 is set out in paragraphs 1 3842.
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