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1、Chapter5:RevenueSolutionsManualtoaccompanyUnderstandingAustralianAccountingStandardsByJaniceLoftus,KenLeo,RuthPicker,VictoriaWiseandKerryClarkPreparedbyRuthPickerJohnWiley&SonsAustralia,Ltd20135.15©JohnWileyandSonsAustralia,Ltd2013Chapter5:RevenueChapter5-RevenueComp
2、rehensionQuestions1.Whatarethekeydistinctionsbetween‘income”and‘revenue’?WhydoyouthinktheIASBmadethesedistinctions?TheIASBFrameworkstatesthatincomeencompassesbothrevenueandgains.Theonlydistinguishingfeatureofrevenueisthereferenceto‘ordinaryactivitiesofanentity’.Thedi
3、stinctionisessentiallyaclassificationissuewithinincome,todistinguishrevenuefromanentity’sordinaryactivitiesfromitsotheractivities.Becauseofthisbroaddefinition,incomeisfurtherdissectedintorevenueandgains.TheFrameworkdefinesrevenueasarisingintheordinaryactivitiesofanen
4、tity,andincludessales,fees,interest,dividends,royaltiesandrent.Gains,ontheotherhand,aredescribedintheFrameworkasotheritemsthatmeetthedefinitionsofincomeandmayormaynotariseinthecourseoftheordinaryactivitiesofanentity.Gainsinclude,forexample,thegainondisposalofnon-curr
5、entassets,andfromupwardrevaluationoffinancialassetsthatareclassifiedas‘availableforsale’.2.Whatisthe‘asset/liability’modelforthedefinitionandrecognitionofincomeundertheConceptualFramework?DoesitgiveadifferentoutcomefromothermodelspermittedunderAASB118?Thedefinitionof
6、incomeasencompassingbothrevenueandgainsisverybroad,beingbasedineffect,onstatementoffinancialposition(balancesheet)movements.Theelementsofthestatementoffinancialposition(assets,liabilitiesandequity)aredefinedfirstintheIFRSFramework,beforetheelementsofthestatementofcom
7、prehensiveincome.Therefore,thestatementofcomprehensiveincomeisderivedfromthestatementoffinancialposition(accordingtoastrictinterpretationoftheFramework).Thisisknownastheasset/liabilitymodel.Theoreticallythismeansthatonceanassetisrecognisedoraliabilityreducedorderecog
8、nised,undertheFramework’sasset/liabilitymodel,incomeisrecognisedsimultaneously.5.15©JohnWileyandSonsAustralia,Ltd2013Chapter5:Reven
