会计英语

张念念

目录

  • 1 Introduction to Accounting
    • 1.1 What is Accounting
    • 1.2 The History and Development of Accounting
    • 1.3 The Role of Accounting
    • 1.4 The Qualitative Characteristics of Financial Information
    • 1.5 Accounting Elements and Accounting Equation
  • 2 Basic Accounting Standards
    • 2.1 Accounting Underlying Assumptions
    • 2.2 Accounting Basis
    • 2.3 Accounting Principles
  • 3 Recording Transactions
    • 3.1 Types of Transactions
    • 3.2 Source Documents
    • 3.3 Accounting Cycle
    • 3.4 The Ledger Accounts
    • 3.5 Chart of Accounts
    • 3.6 Double-Entry Accounting
    • 3.7 Recording Transactions in a Journal
    • 3.8 Posting from Journal to Ledger
    • 3.9 Trial Balance
    • 3.10 Correcting Errors
  • 4 Current and Non-current Asset
    • 4.1 Basic Concepts of Asset
    • 4.2 Current Asset
    • 4.3 Non-current Asset
  • 5 Current and Non-current Liability
    • 5.1 Basic Concepts of Liability
    • 5.2 Current Liability
    • 5.3 Non-current Liability
  • 6 Owner's Equity
    • 6.1 Forms of Business Organization
    • 6.2 Basic Concepts of Stock
    • 6.3 Ordinary Shares and Preference Shares
    • 6.4 Dividend
    • 6.5 Owner's Equity
  • 7 Revenue and Expense
    • 7.1 Revenue
    • 7.2 Revenue from Sales
    • 7.3 Common Types of Transaction
    • 7.4 Expense
  • 8 Basic Financial Statements
    • 8.1 Statement of Financial Position
    • 8.2 Income Statement
    • 8.3 Statement of Cash Flow
  • 9 Financial Management
    • 9.1 Working Captial Management
    • 9.2 Investment Appraisal
    • 9.3 Business Finance
  • 10 Audit and Assurance
    • 10.1 Internal Control
    • 10.2 Substantive Procedure
    • 10.3 Review and Reporting
Revenue


7.1  Revenue

7.1.1  Definition

Income. Income includes both revenues and gains.

Revenue. Income arising in the course of an entity's ordinary activities.

Gains represent other items that meet the definition of income and may, or may not , arise in the course of the ordinary activities of an entity.

7.1.2 Revenue Recognition and Measurement  

1. Recognition Criteria for Revenue

Its core principle is that revenue is recognised to depict the transfer of goods or services to a customer in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

Under IFRS 15 the transfer of goods and services is based upon the transfer of control, rather than the transfer of risks and rewards as in IAS 18.

Control of an asset is described in the standard as the ability to direct the use of, and obtain substantially all of the remaining benefits from, the asset.

Some indicators of the transfer of control are:

Ø (a) The entity has a present right to payment for the asset.

Ø (b) The customer has legal title to the asset.

Ø (c) The entity has transferred physical possession of the asset.

Ø (d) The significant risks and rewards of ownership have been transferred to the customer.

Ø (e) The customer has accepted the asset.

7.1.3  The five-step model

Step 1  Identify the contract with the customer

Step 2  Identify the separate performance obligations

Step 3  Determine the transaction price

Step 4  Allocate the transaction price to the performance obligations.

Step 5  Recognise revenue when (or as) a performance obligation is satisfied.