The Basis of Accounting That Recognizes Revenue When the Company's

question 78

Short Answer

The basis of accounting that recognizes revenue when the company's performance obligation is satisfied is called the ____________________.

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Definitions:

AASB 108/IAS 8

An international financial reporting standard that focuses on accounting policies, changes in accounting estimates, and errors.

Accounting Policy

Individual tenets, underpinnings, traditions, legislations, and tactics utilized by an establishment in crafting and showcasing its financial accounts.

Relevant Information

Data or facts that are applicable to a situation or problem, and can influence decision-making processes.

Depreciable Asset

A long-term asset for which the decline in value over time due to use and wear can be allocated over its useful life in a systematic manner.