Revenue recognition under AASB 18 requires that:
A) The entity has transferred to the buyer the significant risks and rewards of ownership.
B) The entity retains neither continuing managerial involvement to the degree normally associated with ownership nor effective control over the goods.
C) The costs incurred or to be incurred can be measured reliably.
D) The amount of revenue can be measured reliably.
E) All of the given answers.

Question

Quizplus · Accepted Answer

All of the choices given are requirements for revenue recognition under AASB 18. The entity must have transferred the significant risks and rewards of ownership, must not retain continuing managerial involvement or effective control over the goods, the costs involved must be measurable reliably, and the amount of revenue can be measured reliably.

Revenue Recognition Under AASB 18 Requires That