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Old gaap differs from Section 23 as whilst under both gaaps no accounting recognition should be given to transactions which are artificial or lacking in substance, there is less general guidance on the coupon codes for fanatics treatment of exchanges under Old gaap compared to FRS 102.
Section 23: Revenue, summary, section 23 applies to the accounting for revenue arising from the sale of goods, rendering of services, construction contracts and the use by others of entity assets yielding interest, royalties or dividends.
Andrew Güntert reflects on whether FRS 102 would have an effect on the sales and profit of a client.
When the outcome of a construction contract cannot be estimated reliably then revenue should only be recognised equal to the costs incurred and it is probable the costs will be recovered.
It is likely the guidance in old gaap will continue to be utilised.
Continue, more info, password Reset "After 2 months, I landed a new position of ifrs conversion manager with 70 pay rise.".In effect the sale needs to be restated to what the sales value would have been had the financing element not been included.No detailed guidance was provided under old gaap.The financing element is then recognised in finance income using the effective interest method over the period of credit.As a result section 23 does not seek to achieve uniform profit margin in a contract that is not a cost plus contract which is what old gaap achieved.An entity shall determine the stage of completion of a transaction or contract using the method that measures most reliably the work performed.This FAQ discusses recognising revenue from rendering of services, applying judgement, individual contracts, portfolios of contracts and implications for auditors.FRS 102: Accounting for revenue - tips and advice CCH Daily, February 2017 This article considers the accounting rules on the complicated issue of revenue reporting, focusing on key requirements set out in FRS 102 section 23 Revenue.What do companies need to do?Click here to learn more.If you are unable to access an eBook, please see our.Call the advisory helpline on 44 (0).Other standards impacting revenue where differences arise: Section 11 Basic financial instruments Trade debtors is classed as a financial instrument.