CONTENTS

COMPILATION DETAILS

Comparison With IAS 18

Accounting Standard

AASB 118 Revenue

Paragraphs

Objective

Application Aus1.1 – Aus1.7

Scope 1 – 6

Definitions 7 – 8

Measurement of Revenue 9 – 12

Identification of the Transaction 13

Sale of Goods 14 – 19

Rendering of Services 20 – 28

Interest, Royalties and Dividends 29 – 34

Disclosure 35 – 36

Effective Date 38 – 43

ILLUSTRATIVE EXAMPLES Page 13

DELETED IAS 18 TEXT Page 18

Australian Accounting Standard AASB 118 Revenue (as amended) is set out in paragraphs Aus1.1  43. All the paragraphs have equal authority. Terms defined in this Standard are in italics the first time they appear in the Standard. AASB 118 is to be read in the context of other Australian Accounting Standards, including AASB 1048 Interpretation of Standards, which identifies the Australian Accounting Interpretations. In the absence of explicit guidance, AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies.