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Which accounting standard governs the recognition of revenue?

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Question: Which accounting standard governs the recognition of revenue?

Options:

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

Correct Answer: IFRS 15

Solution: 

IFRS 15 provides a comprehensive framework for recognizing revenue from contracts with customers, outlining when and how revenue should be recognized.

Which accounting standard governs the recognition of revenue?

Practice Questions

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

Questions & Step-by-Step Solutions

Which accounting standard governs the recognition of revenue?
  • Step 1: Understand that revenue recognition is about when a company can record its sales in its financial statements.
  • Step 2: Learn that IFRS 15 is the specific accounting standard that provides rules for recognizing revenue.
  • Step 3: Know that IFRS 15 applies to contracts with customers and explains how to determine when to recognize revenue.
  • Step 4: Remember that IFRS 15 outlines a five-step process to recognize revenue, which includes identifying the contract, performance obligations, transaction price, allocating the price, and recognizing revenue when obligations are satisfied.
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