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Concept
Revenue recognition
Résumé
The revenue recognition principle is a cornerstone of accrual accounting together with the matching principle. They both determine the accounting period in which revenues and expenses are recognized. According to the principle, revenues are recognized when they are realized or realizable, and are earned (usually when goods are transferred or services rendered), no matter when cash is received. In cash accounting—in contrast—revenues are recognized when cash is received no matter when goods or services are sold.
Cash can be received in an earlier or later period than obligations are met (when goods or services are delivered) and related revenues are recognized that results in the following two types of accounts:
Accrued revenue: Revenue is recognized before cash is received.
Deferred revenue: Revenue is recognized when cash is received.
Revenue realized during an accounting period is included in the income.
The IFRS provides five criteria for identifying the critical event for recognizing revenue on the sale of goods:
Risks and rewards have been transferred from the seller to the buyer.
The seller has no control over the goods sold.
Collection of payment is reasonably assured.
The amount of revenue can be reasonably measured.
Costs of earning the revenue can be reasonably measured.
The first two criteria mentioned above are referred to as Performance. Performance occurs when the seller has done most or all of what it is supposed to do to be entitled for the payment. E.g.: A company has sold the good and the customer walks out of the store with no warranty on the product. The seller has completed its performance since the buyer now owns good and also all the risks and rewards associated with it. The third criterion is referred to as Collectability. The seller must have a reasonable expectation of being paid. An allowance account must be created if the seller is not fully assured to receive the payment. The fourth and fifth criteria are referred to as Measurability.
Source officielle
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