Under AASB 118,which of the following is additional recognition requirements that must be met before revenue arising from the sale of goods can be recognised?

Question

Quizplus · Accepted Answer

AASB 118 specifies three additional recognition requirements that must be met before revenue arising from the sale of goods can be recognised: (A) the significant risks and rewards of ownership must have been transferred to the buyer, (B) the entity retains neither continued managerial involvement to the degree usually associated with ownership nor effective control over the goods sold, and (C) the costs in respect of the transaction can be measured reliably. Therefore, all the choices are correct.

Under AASB 118,which of the Following Is Additional Recognition Requirements