Under IFRS, revenue from product sales is recognized when the risks and rewards of ownership have been transferred to the customer.

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Under IFRS, revenue from product sales is recognized when the risks and rewards of ownership have been transferred to the customer, which is known as the point of sale. This means that the seller no longer has control over the goods or services sold, and the buyer assumes all risks and rewards associated with them. This is in contrast to other revenue recognition methods such as percentage of completion or installment sales, which recognize revenue over a period of time or as payments are received.

Under IFRS, Revenue from Product Sales Is Recognized When the Risks