| 23.1 | This section applies to revenue arising from: [AMD 466] |
| (a) | the sale of goods (whether produced by the entity for the purpose of sale or purchased for resale); |
| (b) | the rendering of services; |
| (c) | construction contracts in which the entity is the contractor; and |
| (d) | the use by others of entity assets yielding interest, royalties or dividends. |
| 23.2 | This section does not apply to revenue or other income arising from: |
| (a) | lease agreements (see Section 20 Leases); |
| (b) | dividends and other income arising from investments that are accounted for using the equity method (see Section 14 Investments in Associates and Section 15 Investments in Joint Ventures); |
| (c) | changes in the fair value of financial assets and financial liabilities or their disposal (see Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments Issues); |
| (d) | changes in the fair value of investment property (see Section 16 Investment Property); |
| (e) | initial recognition and changes in the fair value of biological assets related to agricultural activity (see Section 34 Specialised Activities); |
| (f) | initial recognition of agricultural produce (see Section 34); |
| (g) | incoming resources from non-exchange transactions for public benefit entities (see Section 34); and |
| (h) | transactions and events dealt with in FRS 103. [AMD 467] |
| 23.2A | [Moved to paragraph 23.2(h)] [AMD 469] |
| AMD 466 Amendment Paragraph 23.1 amended by Amendments to FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland – Triennial review 2017 – Incremental improvements and clarifications (issued December 2017) Effective date 01/01/2019 Previous text 23.1 This section shall be applied in accounting for revenue arising from the following transactions and events: |
| AMD 467 Amendment Paragraph 23.2 amended by Amendments to FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland – Triennial review 2017 – Incremental improvements and clarifications (issued December 2017) Effective date 01/01/2019 Previous text 23.2 Revenue or other income arising from some transactions and events is dealt with in other sections of this FRS: (a) lease agreements (see Section 20 Leases); (b) dividends and other income arising from investments that are accounted for using the equity method (see Section 14 Investments in Associates and Section 15 Investments in Joint Ventures); (c) changes in the fair value of financial assets and financial liabilities or their disposal (see Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments Issues); (d) changes in the fair value of investment property (see Section 16 Investment Property); (e) initial recognition and changes in the fair value of biological assets related to agricultural activity (see Section 34 Specialised Activities); and (f) initial recognition of agricultural produce (see Section 34). |
| AMD 469 Amendment Paragraph 23.2A amended by Amendments to FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland – Triennial review 2017 – Incremental improvements and clarifications (issued December 2017) Effective date 01/01/2019 Previous text 23.2A This section excludes revenue or other income arising from transactions and events dealt with in FRS 103 Insurance Contracts. |
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