BIM40075 - Receipts: general: when are they earned?

Guidance on income recognition is provided in FRS 102 Section 23 Revenue.  

Related standards under other frameworks are: 

FRS 105 Section 18 Revenue 

IAS: IFRS15 Revenue from Contracts with Customers 

Old UK GAAP: FRS 5 Reporting the Substance of Transactions 바카라 사이트“ Application Note G Revenue Recognition 

See바카라 사이트¯BIM31080바카라 사이트¯onwards.  

Broadly, regarding the sale of goods, receipts are 바카라 사이트˜earned바카라 사이트™ when the significant risks and rewards relating to the ownership of goods has been transferred, the amount of revenue can be measured reliably, it is probable that an economic benefit associated with transaction will flow to the entity selling the goods and the costs incurred in respect of the transaction can also be measured reliably. 

Revenue should be recognised in relation to services when the amount of revenue can be measured reliably, it is probable that economic benefit will flow to the entity, and the stage of completion and costs to complete the transaction can be measured reliably. 

Under IAS, IFRS 15 sets out a five-step process in relation to the recognition of revenue which should only take place when the identified performance obligations have been satisfied. See BIM31115.Â