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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 ?
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
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