(a) What is the difference between revenue and income (b) Which criteria does IAS 18 require for recognising revenue from the sale of goods (c) What is the basic principle for measuring revenue under IAS 18 (d) To induce a buyer to make a major purchase, the seller allows the buyer to defer payment...

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(a) What is the difference between revenue and income? (b) Which criteria does IAS 18 require for...

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(a) What is the difference between revenue and income?

(b) Which criteria does IAS 18 require for recognising revenue from the sale of goods?

(d) To induce a buyer to make a major purchase, the seller allows the buyer to defer payment for one year, with no interest. IAS 18 requires the seller to ‘impute’ interest in recognising revenue. What does it mean?

(e) For what type of revenue does IAS 18 require the percentage of completion method?

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