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onal Review and Training Center

Revenue
(ToA.202)

L. R. Cabarles

Relevant Standards

PAS 18 Revenue

IFRIC 13 Customer Loyalty


Programmes

Scope
Scope of
of PAS
PAS 18
18
Revenue from:

Sale of goods

Rendering of services

Use by others of entity assets (RID)

Sale
Sale of
of goods
goods
Revenue from the sale of goods shall be
recognized when ALL the following
conditions have been satisfied:

it is probable that the economic benefits


associated with the transaction will flow to
the entity;

the amount of revenue can be measured


reliably;

the entity has transferred to the buyer the


significant risks and rewards of ownership
of the goods;

the entity retains neither continuing


managerial involvement to the degree
usually associated with ownership nor
effective control over the goods sold; and

the costs incurred or to be incurred in


respect of the transaction can be measured
reliably.

Bill
Bill and
and hold
hold sales
sales
Revenue is recognized when the buyer
takes title, provided:
(a) it is probable that delivery will be
made;
(b) the item is on hand, identified and
ready for delivery to the buyer at the
time the sale is recognized;
(c)the buyer specifically acknowledges
the deferred delivery instructions;
and
(d) the usual payment terms apply.

Goods
Goods shipped
shipped subject
subject to
to conditions
conditions -installation
installation and
and inspection
inspection
Revenue is normally recognized when the
buyer accepts delivery, and installation and
inspection are complete.
However, revenue is recognized immediately
upon the buyers acceptance of delivery when:
(i) the installation process is simple in nature, for
example the installation of a factory tested television
receiver which only requires unpacking and
connection of power and antennae; or
(ii)the inspection is performed only for purposes of
final determination of contract prices, for example,
shipments of iron ore, sugar or soya beans.

Consignment
Consignment sales
sales
Revenue is recognized by the
shipper when the goods are sold
by the recipient (consignee) to a
third party.

Sale
Sale and
and repurchase
repurchase agreements
agreements
The terms of the agreement need to be
analyzed to ascertain whether, in
substance, the seller has transferred the
risks and rewards of ownership to the
buyer and hence revenue is recognized.
When the seller has retained the risks and
rewards of ownership, even though legal
title has been transferred, the transaction
is a financing arrangement and does not
give rise to revenue.

Revenue
Revenue recognitionrecognitionRendering
Rendering of
of services
services
When the outcome of a transaction
involving the rendering of
services can be estimated
reliably, revenue associated with
the transaction shall be
recognized by reference to the
stage of completion of the
transaction at the end of the
reporting period.

Revenue
Revenue recognitionrecognitionRendering
Rendering of
of services
services
The outcome of a transaction can be estimated
reliably when all the following conditions
are satisfied:

it is probable that the economic benefits


associated with the transaction will flow to
the entity;

the amount of revenue can be measured


reliably;

the stage of completion at the end of the


period can be measured reliably; and

the costs incurred for the transaction and


the costs to complete the transaction can be
measured reliably.

Problem
Problem No.
No. 10
10
When the outcome of the transaction
involving the rendering of services
cannot be estimated reliably,
revenue shall be recognized only to
the extent of the expenses
recognized that are recoverable.
(PAS 18 par. 26)

Revenue
Revenue recognitionrecognitionUse
Use by
by others
others of
of entity
entity assets
assets
Revenue arising from the use by others
of entity assets yielding royalties,
interest and dividends shall be
recognized when:
it is probable that the economic
benefits associated with the
transaction will flow to the entity;
and
the amount of the revenue can be
measured reliably.

Revenue
Revenue recognitionrecognitionUse
Use by
by others
others of
of entity
entity assets
assets

Royalties shall be recognized on an


accrual basis in accordance with the
substance of the relevant agreement.

Interest shall be recognized using the


effective interest method as set out in
PAS 39/PFRS 9.

Dividends shall be recognized when


the shareholders right to receive
payment is established.

IFRIC
IFRIC 13
13 Customer
Customer Loyalty
Loyalty
Programmes
Programmes

Fair
value

Award
credits

Total consideration
from sale

Goods or
Services (Sale)

When
When to
to recognize
recognize revenue
revenue
from
from CLP?
CLP?
If the entity supplies the awards itself:
Upon redemption (# of award credits
redeemed divided by total # expected to be
redeemed)
If a third party supplies the awards:
Immediately on the date of sale
How much?
Entity as principal = Gross amount
allocated to award credits
Entity as agent of the third party = Net
amount retained on the entitys account

STQ Answers
1.
2.
3.
4.
5.

D
B
D
A
D

STQ Answers
6.
7.
8.
9.
10.

C
D
B
B
D

STQ Answers
11.
12.
13.
14.
15.

C
A
D
B
D

end of ToA.202