First Published: IFRS Boutique
Date: June 2018
By: Chris Ragkavas, BA, MA, FCCA, CGMA
StudySmart management consultant, senior finance & accounting tutor, IFRS technical expert
When and how, is revenue recognized?
Revenue is recognized when POs are satisfied. This is done either:
1. Over time, i.e. gradually;
or,
2. At a point in time, on a specific date.
The standard’s approach is to determine whether there are indications that the PO is satisfied over time. If none are found, then the POs are satisfied at a point in time.
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