Which of the following statements is not in accordance with IASB (2011)Revenue from Contracts with Customers with respect to revenue recognition when right of return exists?
A) Revenue E Revenue recognition of the consideration for the transferred products to which the entity is reasonably assured to be entitled.
B) when goods are sold or services are rendered recognition of a refund liability
C) recognition of an asset for its right to recover products from customers on settling the refund liability
D) All of the given answers are in accordance with the accounting standard

Question

Quizplus · Accepted Answer

All the given statements are in accordance with the IASB (2011) Revenue from Contracts with Customers standards, which include considerations for revenue recognition when a right of return exists, including recognizing revenue for transferred products to which the entity is reasonably assured to be entitled, recognizing a refund liability when goods or services are sold, and recognizing an asset for the right to recover products from customers upon settling the refund liability.

Which of the Following Statements Is Not in Accordance with IASB