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Which accounting standard governs the recognition of revenue in partnerships?

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Question: Which accounting standard governs the recognition of revenue in partnerships?

Options:

  1. IFRS 15
  2. IAS 1
  3. GAAP
  4. IFRS 9

Correct Answer: IFRS 15

Solution: 

IFRS 15 provides the framework for revenue recognition, applicable to partnerships as well.

Which accounting standard governs the recognition of revenue in partnerships?

Practice Questions

Q1
Which accounting standard governs the recognition of revenue in partnerships?
  1. IFRS 15
  2. IAS 1
  3. GAAP
  4. IFRS 9

Questions & Step-by-Step Solutions

Which accounting standard governs the recognition of revenue in partnerships?
  • Step 1: Understand what revenue recognition means. It is the process of recording revenue in the financial statements when it is earned.
  • Step 2: Learn about IFRS 15. It is an accounting standard that provides guidelines on how to recognize revenue.
  • Step 3: Know that IFRS 15 applies to all types of businesses, including partnerships.
  • Step 4: Remember that partnerships must follow IFRS 15 when they recognize revenue in their financial reports.
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