Research on the Aspe Standards

In: Business and Management

Submitted By Taslim
Words 2872
Pages 12
Revenue recognition is covered under ASPE – section 3400 (Revenue):
Private entities opting to use the ASPE for revenue recognition should use the ASPE guidance. The standard covers the sale of goods and the rendering of services by an entity in the ordinary course of business.
Definition:
* Revenue is the cash, receivables and other consideration coming into the business from its ordinary business activity. * The completed contract method recognizes revenue when the good or service has been sold/rendered and the contract is substantially complete. * The percentage of completion method recognizes revenue proportionately with the degree of completion of the service/product.
Revenues are recognized when a performance is achieved and reasonable assurance regarding measurability and collectability of consideration exists.
Performance is achieved when:
Transferred significant risks and rewards of ownership; i.e. * All significant acts have been completed * NO continuing involvement in or control over the goods * Reasonable assurance regarding measurement of consideration and extent of returns
In general for goods and services performance is achieved when all are met; * Persuasive evidence of a an arrangement exists * Delivery has occurred or services have been rendered * The seller’s price is fixed or determinable.

Consolidation: Section 1582 – Business combination
A business combination is: A transaction or event in which an acquirer obtains control of one or more businesses (e.g. acquisition of shares or net assets, mergers, reverse acquisitions).
A business combination must be accounted for by applying the acquisition method.
In general, after the date of a business combination an acquirer measures and accounts for assets acquired, liabilities assumed or incurred and equity instruments issued in accordance with the…...

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