02-14-2011, 06:33 PM
Revenue arising from the sale of goods should be recognised when all of the following criteria have been satisfied
=> The seller has transferred to the buyer the significant risks and rewards of ownership
=> The seller retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold
You have not given more details, like penalty, custody etc
=> The seller has transferred to the buyer the significant risks and rewards of ownership
=> The seller retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold
You have not given more details, like penalty, custody etc
