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When would you recognize revenue regarding the following Leon's Furniture sells you a home theatre in January on a no money down no interest and no payments for one year promotional deal?
Wiki User
∙ 14y ago
According to IAS-16 of IFRS(International Financial Reporting Standards) that home theatre sale would be recorded as revenue just at time of transfer of title(ownership) to the buyer,because buyer would be than considered as a debtor to the seller,as money has to be paid rathar at the time of sale or after one year of it . Since sale is recorded and debtor is recognized thus revenue is recorded.
Wiki User
∙ 14y ago
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