Guidelines
- Departures from “usual” treatment permitted when there are significant questions about collectibility, price, future performance or other areas of uncertainty.
- Revenue may be :
- Recognized earlier than the exchange of the good (e.g., selected construction contracts).
- Delayed in its recognition due to uncertainty (e.g., installment sales).
- Practice is not always entirely consistent
Chapter concentrates on goods and services
- Not stressed:
- Asset disposals
- Use of assets