RSM219H1 Lecture Notes - Lecture 3: Financial Statement
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RSM219H1 Full Course Notes
Verified Note
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Document Summary
Revenue is de ned: revenues are increases in economic resources, either by way of inflows or enhancements of assets or reductions of liabilities, resulting from the ordinary activities of an entity. Huge risk to the seller until she decides to keep it performance shall be determined using either the percentage of completion method or the completed contract method, whichever relates the revenue to the work accomplished. Such performance shall be regarded as having been achieved when reasonable assurance exists regarding the measurement of the consideration that will be derived from rendering the service or performing the long-term contract.
