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Educational Material on Ind AS 18 Revenue

Ind AS 18 Revenue : Indian Accounting Standard (Ind AS) 18, Revenue, prescribes the recognition and measurement principles for revenue arising from certain types of transactions and events. The Educational Material on Ind AS 18 contains summary of Ind AS 18 discussing the key requirements of the Standard in brief and Frequently Asked Questions (FAQs) on issues which are expected to be encountered while implementing this Standard. Revenue is the amount of money that a company actually receives during a specific period, including discounts and deductions for returned merchandise. It is the “top line” or “gross income” figure from which costs are subtracted to determine net income.

Educational Material on Ind AS 18 Revenue

Ind AS 18 Revenue : IAS 18 Revenue outlines the accounting requirements for when to recognise revenue from the sale of goods, rendering of services, and for interest, royalties and dividends. Revenue is measured at the fair value of the consideration received or receivable and recognised when prescribed conditions are met, which depend on the nature of the revenue. IAS 18 was reissued in December 1993 and is operative for periods beginning on or after 1 January 1995.

History of IAS 18

April 1981 Exposure Draft E20 Revenue Recognition
December 1982 IAS 18 Revenue Recognition
1 January 1984 Effective date of IAS 18 (1982)
May 1992 E41 Revenue Recognition
December 1993 IAS 18 Revenue Recognition (revised as part of the ‘Comparability of Financial Statements’ project)
1 January 1995 Effective date of IAS 18 (1993) Revenue Recognition
December 1998 Amended by IAS 39 Financial Instruments: Recognition and Measurement, effective 1 January 2001
16 April 2009 Appendix to IAS 18 amended for Annual Improvements to IFRSs 2009. It now provides guidance for determining whether an entity is acting as a principal or as an agent.
1 January 2018 IAS 18 will be superseded by IFRS 15 Revenue from Contracts with Customers

Educational Material on Ind AS 18 Revenue

Ind AS 18 Revenue : Revenue is the total amount received by a business or recognised as earned when the business sells something, usually services and goods. In modern accountancy, revenue is recorded when it is earned not when the cash is received from customers. For example when a phone service provider records revenue when calls are made not at the time when you pay the bills. This principle is known as revenue recognition principle.

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Types of Revenues

Revenues can be classified as operating revenue and non-operating revenue.

  • Operating revenues are those that originate from main business operations. For example: Sales, etc.
  • Non-operating revenues are earned from some side activity. For example: Interest Revenue, Rent Revenue (except in case where the business’ main industry is renting industry).

Revenue Accounts List

Following are the common revenue accounts:

  • Revenue/Sales/Fees: These accounts are used interchangeably to record the main revenue amounts. However most companies/businesses give their revenue account a more specific name like: fees earned, service revenue, etc.
  • Interest Revenue: is used to record the interest earned by the business.
  • Rent Revenue: is the revenue from buildings or equipment of the business on rent.
  • Dividend Revenue: is used to record the dividend earned on the stock of other companies which is owned by the business.

Relevant link to download the Educational Material: Ind AS 18 Revenue

Educational Material on Ind AS 18 Revenue 

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Educational Material on Ind AS 33 Earnings per Share

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Educational Material on Ind AS 37 Provisions, Contingent Liabilities and Contingent Assets

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Educational Material on Ind AS 39 Financial Instruments: Recognition and Measurement

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Educational Material on Ind AS 18 Revenue

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