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Income Mindmap - IFRS for SMEs
Transcript of Income Mindmap - IFRS for SMEs
Different for every company
How does this fit into the SoCI?
Statement of Comprehensive income
Cost of Sales
Other gains and losses
Other comprehensive income
Always have definition and ......?
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
Risks and rewards transferred
No continued managerial involvement/control
probable economic benefits
costs incurred measured reliably
Amount reliably measurable
Probably economic benefits
Stage of completion
Costs incurred and costs to complete measurabl.e
How much of the service have you rendered?
Use by others of the entities assets
Revenue or gain?
Cell phone contract
New car sale with a service plan
What about deferred payments?
What would you want to know?