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What accounting standard governs the recognition of revenue?
What accounting standard governs the recognition of revenue?
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Practice Questions
1 question
Q1
What accounting standard governs the recognition of revenue?
IAS 1
IFRS 15
IAS 2
IFRS 9
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IFRS 15 provides the framework for recognizing revenue from contracts with customers.
Questions & Step-by-step Solutions
1 item
Q
Q: What accounting standard governs the recognition of revenue?
Solution:
IFRS 15 provides the framework for recognizing revenue from contracts with customers.
Steps: 5
Show Steps
Step 1: Understand that revenue is the money a company earns from selling goods or services.
Step 2: Learn that there are rules to follow when a company recognizes or records this revenue.
Step 3: Know that IFRS 15 is the specific accounting standard that provides these rules.
Step 4: Recognize that IFRS 15 applies to contracts between a company and its customers.
Step 5: Understand that IFRS 15 helps ensure that revenue is recognized in a consistent and transparent way.
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