Which standard provides specific guidance about revenue recognition in relation to the sale of goods and the rendering of service?
A)IAS 18/AASB 118
B)IAS 39/AASB 139
C)IAS 19/AASB 119
D)None of the above

Question

Quizplus · Accepted Answer

IAS 18/AASB 118 Revenue provides specific guidance on when to recognize revenue from the sale of goods and when to recognize revenue from the rendering of services. It outlines the criteria that must be met for revenue to be recognized, as well as the appropriate measure of revenue and related disclosures. IAS 39/AASB 139 relates to the recognition and measurement of financial assets and liabilities. IAS 19/AASB 119 relates to employee benefits.

Which Standard Provides Specific Guidance About Revenue Recognition in Relation