In the retail industry, income is recognized under IFRS when the cash is received.

Question

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Income recognition in the retail industry under IFRS is based on the principle of revenue recognition, which states that revenue should be recognized when it is earned, regardless of whether the cash has been received or not. This means that income can be recognized even if the customer has not paid yet, but it is expected that they will pay in the future.

In the Retail Industry, Income Is Recognized Under IFRS When