Illustrative Examples IAS 18

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IAS 18 Revenue Outlines the Accounting Requirements for When to recognize 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 recognized 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IAS 18 will be superseded by IFRS 15 Revenue from Contracts with Customers

Interpretations


IFRIC 18 Transfers of Assets from Customers
IFRIC 15 Agreements for the Construction of Real Estate
IFRIC 13 Customer Loyalty Programmes
IFRIC 12 Service Concession Arrangements
SIC-27 Evaluating the Substance of Transactions in the Legal Form of a Lease
SIC-31 Revenue – Barter Transactions Involving Advertising Services

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