Question：According to IAS 18,revenue from the sale of goods should only be recognised when certain conditions have been met. Possible conditions include:
A The entity has transferred the significant risks and rewards of ownership of the goods to the buyer.
B The amount of revenue can be measured reliably.
C The costs incurred in respect of the transaction can be measured reliably.
D It is probable that the economic benefits associated with the transaction will flow to the entity.
E The entity has no continuing managerial involvement to the degree usually associated with ownership, and no longer has effective control over the goods sold.
Which of these conditions must be met in order to recognise revenue from the sale of goods?
A. All of the stated conditions.
B. A and D.
C. A, D and E.
D. A, B, D and E.
E. A only.
The correct answer is: All of the stated conditions must be met before the revenue from the sale of goods is recognised.
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