Accounting Standards and Guidance

FRC Financial Reporting Standards (FRSs)

UK/Irish accounting framework (effective for periods beginning on or after 1 Jan 2015)

FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland

Section 23 Revenue

Appendix to Section 23 Examples of revenue recognition under the principles in Section 23

Sale of goods

Example 9 Sales to intermediate parties, such as distributors, dealers or others for resale

23A.11

The seller generally recognises revenue from such sales when the risks and rewards of ownership have been transferred. However, when the buyer is acting, in substance, as an agent, the sale is treated as a consignment sale.

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