Q3aii)
The Q asks us to demonstrate how revenue recognition is supported by the revised Conceptual Framework for Financial Reporting (2018).
The answer published by ACCA quotes;
The revised Framework also states that an item which meets the definition of an element should be recognised if:
(a) it is probable that any future economic benefit associated with the item will flow to or from the entity; and
(b) the item has a cost or value which can be measured with reliability
Isnt this from the original framework and not the revised?
Shouldn't the correct answer concern reliability and faithful representation?
Ask the Tutor ACCA SBR
SBR Int Exam Sep/Dec 19
You are quite correct - if you watch my debrief I do use the correct words (it's in the lecture section of this website).
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