IAS 18 Revenue. PricewaterhouseCoopers Objective Scope Prescribe accounting treatment for revenue Sale of goods Rendering of services Interest, royalties,

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Presentation transcript:

IAS 18 Revenue

PricewaterhouseCoopers Objective Scope Prescribe accounting treatment for revenue Sale of goods Rendering of services Interest, royalties, dividends Introduction

PricewaterhouseCoopers Measurement of revenue Definitions RevenueFair value

PricewaterhouseCoopers Fair value of consideration Cash VAT Discounts Deferred cash Imputed interest rate

PricewaterhouseCoopers Sale of Goods Conditions Risks and rewards No managerial involvement Revenue measured reliably Probable economic benefits Costs measured reliably

PricewaterhouseCoopers Risks and rewards No obligation for unsatisfactory performance No significant installation not yet complete Consignment sales

PricewaterhouseCoopers Rendering of services Stage of completion Outcome estimated reliably One serviceA number of individual services

PricewaterhouseCoopers Estimates Amount of revenueStage of completion Revisions may be necessary Rights agreed Consideration agreed Good reporting system Cost to date Total costs Service to date Total services Surveys of work and or

PricewaterhouseCoopers Interest, Royalties and Dividends Effective interest method Accruals basic When right to receive payment is established probable economic benefits amount measured reliably

PricewaterhouseCoopers Disclosure Policies Amount by category