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When is revenue recognized ?

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Question ajoutée par Said Shaban , Accountant , Tri State Materials Testing
Date de publication: 2015/07/24
Nabil Jabraouti
par Nabil Jabraouti , Finance Consultant - Managing Director , BlueChip Consulting and Development

Generally, in both IFRS and US GAAP, revenue is recognized when probable and measurable. A new IFRS says that revenue from contracts is recognized when the service or good is transferred to the customer.

     

Bayo Sutton
par Bayo Sutton , ASSISTANT MANAGER , PHD Nigeria Ltd.

Revenue should be recognized monthly based on the invoice or receipt for the period i.e if you invoice a client for a years service the revenue associated with that invoice value should be on a monthly basis apportioned on the percentage of job done for that period but for a once of invoice the revenue should be the period the invoice partain to.

Michael Lagunday
par Michael Lagunday , Accounts Assistant , Invest Group Overseas LLC

Revenue is recognized when service has been rendered or goods have been delivered.

Said Shaban
par Said Shaban , Accountant , Tri State Materials Testing

Revenue is generally recognized :

1- When relized or relizable

2- When Earned

Revenue should recognized in the accounting period in which it is earned ( Generally at point of sale ) 

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