Munich Personal RePEc Archive

IAS 18 Revenue - A Closer Look

Muthupandian, K S (2009): IAS 18 Revenue - A Closer Look. Published in: The Management Accountant , Vol. 44, No. 5 (May 2009): pp. 368-374.


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The International Accounting Standards Committee issued the the International Accounting Standard 18, Revenue. The objective of IAS 18 The objective of IAS 18 is to prescribe the accounting treatment of revenue arising from certain types of transactions and events, namely the sale of goods, the rendering of services yielding fees and the use by others of entity assets yielding interest or rental income. The primary issue in accounting for revenue is determining when to recognise revenue. Revenue is recognised when it is probable that future economic benefits will flow to the entity and these benefits can be measured reliably. This standard identifies the circumstances in which these criteria will be met and, therefore, revenue will be recognised. This article presents a closer look of standard (objective, scope, definitions, classification presentation and disclosures).

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