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Section 23 – Revenue |
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1. |
An entity shall disclose: a) the accounting policies adopted for the recognition of revenue, including the methods adopted to determine the stage of completion of transactions involving the rendering of services; and b) the amount of each category of revenue recognised during the period, showing separately, at a minimum, revenue arising from: i. the sale of goods; ii. the rendering of services; iii. interest; iv. royalties; v. dividends; vi. commissions; vii. grants; and viii. any other significant types of revenue. |
23.30 |
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Construction Contracts |
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2. |
An entity shall disclose the following: a) the amount of contract revenue recognised as revenue in the period; b) the methods used to determine the contract revenue recognised in the period; and c) the methods used to determine the stage of completion of contracts in progress. |
23.31 |
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3. |
An entity shall present: a) the gross amount due from customers for contract work, as an asset; and b) the gross amount due to customers for contract work, as a liability. |
23.32 |
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