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Income

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Income

  • This topic has 3 replies, 2 voices, and was last updated 5 years ago by hunk.
Viewing 4 posts - 1 through 4 (of 4 total)
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  • February 13, 2019 at 5:45 am #504963
    hunk
    Participant
    • Topics: 11
    • Replies: 14
    • ☆

    Dear Sir,

    My question is what is the difference between deferred income and prepaid income ?

    And under which accounting standard deferred income treat in financial statements ?

    February 13, 2019 at 6:32 am #504966
    hunk
    Participant
    • Topics: 11
    • Replies: 14
    • ☆

    Kindly also tell its accounting implication .

    February 16, 2019 at 12:30 pm #505308
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 7082
    • ☆☆☆☆☆

    Hi,

    Deferred income is money received that cannot yet be recognised as the conditions for recognition under IFRS15 have not been met. (DR Bank CR Deferred Income)

    Accrued income is income that can be recognised but no money has been received. (DR Accrued income CR Revenue)

    Thanks

    February 17, 2019 at 5:57 am #505403
    hunk
    Participant
    • Topics: 11
    • Replies: 14
    • ☆

    Thanks Sir

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