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REVENUE RECOGNITION -

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REVENUERECOGNITIONThisarticleisrelevanttotheDiplomainInternationalFinancialReportingandACCAQualificationPapersF7andP2Foralmostallentitiesotherthanfinancialinstitutions,revenueisthelargestsinglenumberinthefinancialstatements.Itisalsoanumberthatattractsagreatdealofuserattention.Whilstitmightbeacceptedthatprofitisthemostimportantsingleindicatorofcorporatefinancialperformancerevenuedoesnotfallfarbehind.Indeedinmanysectors,forexampletheretailfoodsector,revenueisa‘headlinenumber’thatisoftenannouncedfirstwhenresultsarecommunicatedexternally.Insectorswherethisistrue,theremunerationpackagesofseniorexecutivesoftenincludea‘performancerelatedelement’withrevenuegrowthasthekeydeterminantof‘performance’.Giventheimportanceofrevenuetothepicturepaintedbythefinancialstatementsisitimportantthatitismeasuredandpresentedfairlysothattheusersaregivenusefulinformationonwhichtobasetheirperformanceappraisal.TheInternationalAccountingStandardsBoard(IASBhasissuedtwoInternationalFinancialReportingStandards(IFRSsthatprovideguidanceinthisarea:IAS18–Revenue.IAS11–ConstructionContracts.IAS18istheIFRSthatdealswithrevenueforthemajorityofentities,whilstIAS11verymuchappliestheprinciplesofIAS18toentitiesintheconstructionsector.Bothstandardsareprinciplesbasedandshortondetail(thisisparticularlytrueofIAS18.ThereforethishasledtocallsbysomeusersforamorerigorousapproachthatremovessomeoftheuncertaintythatiscausedbytheexistingIFRSs.Asaresult,theIASBiscurrentlyexaminingtheexistingstandardswithaviewtoreplacingthemwithamorecomprehensivestandardinthefuture.Inthisarticlewewill:ExplainexactlywhatIAS18andIAS11meanby‘revenue’.Outlinetheprinciplesthatunderpintherecognitionandmeasurementofrevenue.ReviewsomeoftheimplementationexamplesthatareprovidedasanaccompanimenttoIAS18.Outlinethechangesthatarelikelytothemethodofaccountingforrevenueinthefuture.MEANINGOF‘REVENUE’IAS18definesrevenueas‘thegrossinflowofeconomicbenefitsduringtheperiodarisinginthecourseoftheordinaryactivitiesofanentitywhenthoseinflowsresultinincreasesinequity,otherthanincreasesrelatingtocontributionsfromequityparticipants’(1.Thefollowingimplicationsflowfromthisdefinition:(aRevenueshouldbestatedbeforedeductionofcostsofsale.Forexampleifgoodsaresoldfor$100thatcosttheseller$60tomanufacturetherevenueis$100,not$40.(bRevenueisrecognisedontheprovisionofgoodsandservicesthatrelatetotheordinaryactivitiesoftheentity.Ifanentitydisposesofproperty,plantandequipmentattheendofitsusefuleconomiclifetheproceedsofdisposalarenotrevenuefortheentity.Insteadtheprofitorlossondisposalistreatedasadeductionfromoperatingexpenses(orasaseparatelineiteminthestatementofprofitorloss,ifitissufficientlymaterial.(cSalestaxesthatarecollectedfromthecustomerandremittedtotherelevantauthoritiesarenot‘revenue’.Forexample地址：上海市虹口区西江弯路388号凯德龙之梦B座8楼电话：400-600-8011网址：www.gaodun.cn
ifgoodsaresoldfor$110,inclusiveofrecoverablesalestaxesof10%,therevenueis$100,not$110.(dIfthesellerisactingasagent,ratherthanastheprincipal,inatransaction,therevenuethesellershouldrecogniseistheamountofcommissionreceivableratherthanthegrossamountcollectedfromthecustomer.Forexample,ifatravelagentsellsaholidaytoacustomerfor$1,000plusacommissionof$100,sothatthecustomerpays$1,100andthetravelagentremits$1,000totheentityactuallyprovidingtheholiday,thenthetravelagentrecognisesrevenueof$100.PRINCIPLESUNDERPINNINGRECOGNITIONOFREVENUEIAS18outlinestherecognitionprinciplesinthreeparts:1.Saleofgoods:Revenueisrecognisedwhenallthefollowingconditionshavebeensatisfied(2:(aThesellerhastransferredthesignificantrisksandrewardsofownershipofthegoodstothebuyer.(bThesellerdoesnotretaincontroloverthegoodsormanagerialinvolvementwiththemtothedegreeusuallyassociatedwithownership.(cTheamountofrevenuecanbemeasuredreliably.(dItisprobablethattheeconomicbenefitsassociatedwiththetransactionwillflowtotheseller(eThecostsincurredortobeincurredbythesellerinrespectofthetransactioncanbemeasuredreliably.Asfarastheseconditionsareconcerned,itisnotablethat:Anumberoftheconditions((aand(bparticularlyaresubjecttoadegreeofinterpretationandthereforetherecanbesomeuncertaintyaboutwhetherornotrevenueshouldberecognised.Theconditionsaresuchthatallarelikelytobesatisfiedataparticularpointintimeandsothereisacriticalpointatwhichalltherevenuefromthesaleofgoodswouldberecognised.Thisapproachcontrastswiththeapproachtakentotherecognitionofrevenuefromtheprovisionofservices(seebelow:2.Provisionofservices:Asstatedabove,thereisadifferentapproachtakentotherecognitionofrevenuefromtheprovisionofservices.IAS18statesthat‘wheretheoutcomeofatransactioninvolvingtherenderingofservicescanbeestimatedreliably,associatedrevenueshouldberecognisedbyreferencetothestageofcompletionofthetransactionattheendofthereportingperiod’(3.Inotherwords,therevenueisrecognisedgradually,ratherthanallatone‘criticalpoint’,asisthecaseforrevenuefromthesaleofgoods.IAS18furtherstatesthattheoutcomeofatransactioncanbeestimatedreliablywhenallthefollowingconditionsaresatisfied(3:(aTheamountofrevenuecanbemeasuredreliably.(bItisprobablethattheeconomicbenefitsassociatedwiththetransactionwillflowtotheseller.(cThestageofcompletionofthetransactionattheendofthereportingperiodcanbemeasuredreliably.(dThecostsincurredtodateforthetransactionandthecoststocompletethetransactioncanbemeasuredreliably.IAS18doesnotprescribeonesinglemethodthatshouldbeusedfordeterminingthestageofcompletionofaservicetransaction.Howeverthestandarddoesprovidesomeexamplesofsuitablemethods(4:(aSurveysofworkperformed.(bServicesperformedtodateasapercentageoftotalservicestobeperformed.地址：上海市虹口区西江弯路388号凯德龙之梦B座8楼电话：400-600-8011网址：www.gaodun.cn

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