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Tutor can you please explain this condition of revenue recognition:
“the entity’s performance does not create an asset with an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date.”We can record as having earned revenue provided we have the right to get paid for the work done so far (whether or not we have actually been paid yet) and provided that it is revenue and is not just creating a non-current asset.
Please do not ask me to explain statements that you have found in some other book. Our free lectures cover everything needed to be able to pass Paper FA well.
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