According to IFRS, revenue is recognized as income when:
A) a contract is signed to perform a service or deliver a good.
B) the transaction is complete and the goods or services delivered.
C) payment is received.
D) income taxes are paid.

Question

Quizplus · Accepted Answer

Revenue is recognized under IFRS when control of the goods or services is transferred to the customer, which typically occurs when the transaction is complete and the goods or services have been delivered.

According to IFRS, Revenue Is Recognized as Income When