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Sir , IFRS 15 never gave a concise definition of revenue but stated cretieria to recognize revenue … how exactly , can I define revenue to comply with its accounting recognition?
According to my research, revenue is defined as “Income arising in the course of an entity’s ordinary activities” …
… and Income is defined as “Increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in an increase in equity, other than those relating to contributions from equity participants”
If that’s as much definition as IASB is prepared to give, then that’s how you should accept it!
OK?
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