Ifrs Vs Fasb On Revenue From Sale Of Goods And Services

Recognition standards for revenue

|FASB |IFRS |
|FromCON5, Par. 6 |From FRAMEWORK, Par. 82-83 |
|Four Fundamental Recognition Criteria:|An item that meets the definition of an element should be recognized if: |
|Definitions |(a) it is probable that any future economicbenefit associated with the item |
|Measurability |will flow to or from the entity; and ||Relevance |(b) the item has a cost or value that can be measured with reliability |
|Reliability| |
|Specific Revenue Recognition Criteria (CON5, Par. 83 |Recognition Criteria for Sale of Goods(IAS18, Par. 14) |
|a. Realized or realizable, and |(a) the entity has transferred to the buyer the significant risks and rewards of|
|b.Earned. |ownership of the goods; |
||(b) the entity retains neither continuing managerial involvement to the degree |
| |usually associated with ownership noreffective control over the goods sold; |
| |(c) the amount of revenue can be measured reliably |
|...