Overview

Revenue is one of the most important item, if not the most important, in the financial statements of an entity, any mistake or incorrect treatment and recognition of revenue in the financial statements may misled the economic users of the financial statements The correct treatment of revenue is simple but yet confusing in the mind of students (by my teaching experience), especially revenue recognition in construction contracts and the presence of other sales transactions, arrangements and agreements that look like legal sales transactions but in substance they are just a window dressing attempt by entities to make the financial statement look good, hence there is always a need for a comprehensive guide on the correct treatment and recognition of revenue from sales of goods, delivering services, other sales arrangement and revenue from contract obligations, especially in our ever changing and continuous development era This book gives you a clear and concise explanation of revenue from sales of goods, delivering of services, other sales arrangement and agreement such as sales and return arrangement, sales and repurchase agreement, agency sales, joint venture and treatment of advance payment by customers, treatment of accounting error of principle of treating sales proceed on asset as sales of goods and trade by barter, using international accounting standard 18 (IAS 18). The book also discussed the revenue recognition from contract obligations based on the guidelines of International Accounting Standard 11 (IAS 11) ACCA professional questions were used throughout the book as illustrative example with step-by-step model solution provided by the author The book is suitable for those preparing for the examination of AAT, ACCA, CIMA, University and college students studying accounting and related courses.

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9781500806989

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