Transfer of 'control' of the asset is central to the recognition of revenue under the new accounting standard IASB (2011)Revenue from Contracts with Customers.

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The transfer of control of the asset is a key factor in determining when revenue should be recognized under IASB (2011)Revenue from Contracts with Customers. This is in contrast to previous accounting standards that focused more on the transfer of risks and rewards. Under the new standard, revenue should be recognized when control of the asset has been transferred, indicating that the customer has the ability to direct the use of and obtain the benefits of the asset.

Transfer of 'Control' of the Asset Is Central to the Recognition