Which of the following is not a condition that must be met under AASB 118 'Revenue,' before revenue from the sale of goods is recorded?
A)The cash for the sale has been received.
B)The amount of revenue and related costs can be measured reliably.
C)The seller has effectively transferred ownership to the buyer
D)All of the above are conditions that must be met.

Question

Quizplus · Accepted Answer

Under AASB 118, revenue can be recognized even if cash has not yet been received, as long as other conditions such as transfer of ownership and reliable measurement of revenue and costs are met.

Which of the Following Is Not a Condition That Must