Income
Revenue
Gains
(Ordinary activities)
Different for every company
How does this fit into the SoCI?
Statement of Comprehensive income
Revenue
Cost of Sales
Gross Profit
Other income
Distribution costs
Administrative costs
Other gains and losses
.......
Other comprehensive income
Always have definition and ......?
Recognition Criteria:
S2.23(a)
S2.25
S5.4(b)
S2.27-2.32
Probable
Measurable
Could we recognise income if we do not recognise an asset, or decrease in liability?
By Carlos De Jesus
Types of Revenue
Sale of goods
S23.10-S23.12
Risks and rewards transferred
No continued managerial involvement/control
Reliably measurable
probable economic benefits
costs incurred measured reliably
Services Rendered
S23.14-23.16
Amount reliably measurable
Probably economic benefits
Stage of completion
Costs incurred and costs to complete measurabl.e
S23.22-S23.27
How much of the service have you rendered?
Use by others of the entities assets
S23.28-S23.29
Revenue or gain?
Interest
Royalties
Dividends
Multiple deliverables
Cell phone contract
New car sale with a service plan
Agents
S23.4
Measurement
S23.3
What about deferred payments?
S23.5
What would you want to know?
S23.30
S23A.19
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Income Mindmap - IFRS for SMEs
ACC2113W
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