18-1 Volume 2. 18-2 C H A P T E R 18 REVENUE Intermediate Accounting IFRS Edition Kieso, Weygandt,...

18-1

Volume 2Volume 2

18-2

C H A P T E R C H A P T E R 1818

REVENUEREVENUE

Intermediate AccountingIFRS Edition

Kieso, Weygandt, and Warfield

18-3

1. Apply the revenue recognition principle.

2. Describe accounting issues for revenue recognition at point of

sale.

3. Apply the percentage-of-completion method for long-term

contracts.

4. Apply the cost-recovery method for long-term contracts.

5. Identify the proper accounting for losses on long-term contracts.

6. Describe the accounting issues for service contracts.

7. Identify the proper accounting for multiple-deliverable

arrangements.

Learning ObjectivesLearning ObjectivesLearning ObjectivesLearning Objectives

18-4

Current Environment

Guidelines for

revenue

recognition

Departures from

sale basis

Revenue Recognition (At Point of Sale)

Revenue Recognition (Long-

Term Contracts)

Revenue Recognition

(Other)

Measurement

Recognition

Summary

Service contracts

Multiple-

deliverable

arrangements

Other

Summary of

methods

Percentage-of-

completion method

Cost-recovery

method

Long-term contract

losses

Disclosures

RevenueRevenue

18-5

Restatements for improper revenue recognition are

relatively common and can lead to significant share price

adjustments.

Revenue recognition is a top fraud risk and regardless

of the accounting rules followed (IFRS or U.S. GAAP),

the risk or errors and inaccuracies in revenue reporting is

significant.

The Current EnvironmentThe Current EnvironmentThe Current EnvironmentThe Current Environment

18-6

Revenue recognition principle: Revenue is recognized

Guidelines for Revenue Recognition


LO 1 Apply the revenue recognition principle.LO 1 Apply the revenue recognition principle.

(1) when it is probable that the economic benefits will

flow to the company and

(2) when the benefits can be measured reliably.

18-7

Sale of product from inventory

Type of Transaction

Rendering a service

Permitting use of an asset

Sale of asset other than inventory

Date of sale (date of delivery)

Services performed and

billable

As time passes or assets are

used

Date of sale or trade-in

Gain or loss on disposition

Revenue from interest, rents, and royalties

Revenue from fees or

services

Revenue from sales

Description of Revenue

Timing of Revenue

Recognition



Illustration 18-1

Revenue Recognition Classified by Nature of Transaction

18-8

Earlier recognition is appropriate if there is a high degree of

certainty about the amount of revenue earned.

Delayed recognition is appropriate if the

degree of uncertainty concerning the amount of revenue

or costs is sufficiently high or

sale does not represent substantial completion of the

earnings process.

Departures from the Sale Basis



18-9

Revenue should be measured at the fair value of

consideration received or receivable.

Trade discounts or volume rebates should reduce

consideration received or receivable and the related

revenue.

If payment is delayed, seller should impute an interest

rate for the difference between the cash or cash

equivalent price and the deferred amount.

Measurement of Sale Revenue

Revenue Recognition at Point of SaleRevenue Recognition at Point of SaleRevenue Recognition at Point of SaleRevenue Recognition at Point of Sale

LO 2 Describe accounting issues for revenue recognition at point of sale.LO 2 Describe accounting issues for revenue recognition at point of sale.

18-10



Illustration 18-2

18-11



Sansung makes the following entry on March 31,

2011.Accounts receivable 679,000

Sales 679,000

Illustration 18-2

18-12



Assuming Sansung’s customers meet the discount threshold,

Sansung makes the following entry.

Cash 679,000

Accounts receivable 679,000

Illustration 18-2

18-13



If Sansung’s customers fail to meet the discount threshold,

Sansung makes the following entry upon payment.

Cash 700,000


Sales discounts forfeited 21,000

Illustration 18-2

18-14

When a sales transaction involves a financing arrangement, the

fair value is determined by discounting the payment using an

imputed interest rate.

Imputed interest rate is the more clearly determinable of either

1. the prevailing rate for a similar instrument of an issuer with a

similar credit rating, or

2. a rate of interest that discounts the nominal amount of the

instrument to the current sales price of the goods or services.

Measurement of Sale Revenue



18-15



Illustration 18-3

18-16



The journal entry to record SEK’s sale to Grant Company on

July 1, 2011, is as follows (ignoring cost of goods sold entry).

Notes receivable 900,000

Sales 900,000

Illustration 18-3

18-17



SEK makes the following entry to record interest revenue.

Notes receivable 54,000

Interest revenue (12% x ½ x €900,000) 54,000

Illustration 18-3

18-18

Revenue from the sale of goods is recognized when all the following

conditions are met:

1. Company has transferred to the buyer the significant risks and

rewards of ownership of the goods;

2. Company retains neither continuing managerial involvement to the

degree usually associated with ownership nor effective control over

the goods sold;

3. The amount of revenue can be measured reliably;

4. It is probable that the economic benefits will flow to the company; and

5. The costs incurred or to be incurred can be estimated reliably.

Recognition of Sale Revenue


LO 2LO 2

18-19

Bill and Hold Sales


Buyer is not yet ready to take delivery but does take title and

accept billing.


Illustration 18-4

18-20


LO 2LO 2

Solution: Butler should record the revenue at the time title

passes, provided

1. it is probable that delivery will be made;

2. the item is on hand, identified, and ready for delivery at

the time the sale is recognized;

3. Baristo acknowledges the deferred delivery arrangement;

and

4. the usual payment terms apply.

It appears that these conditions were probably met and

therefore revenue recognition should be permitted at the time

the agreement is signed.

18-21



Butler makes the following entry to record the bill and hold sale.


Sales 450,000

Illustration 18-4

18-22

Sales Subject to Installation or Inspection



Illustration 18-5

18-23

Layaway Sales



Illustration 18-6

18-24

Sales with Right of Return



Two possible revenue recognition methods are available when

the right of return exposes the seller to continued risks of

ownership:

1. not recording a sale until all return privileges have expired

or

2. recording the sale, but reducing sales by an estimate of

future returns.

18-25



Illustration 18-7

18-26


LO 2LO 2

Pesido sold $300,000 of laser equipment on August 1, 2011, and

retains only an insignificant risk of ownership. On October 15,

2011, $10,000 in equipment was returned.

August 1, 2011


Sales 300,000

October 15, 2011

Sales returns and allowances 10,000

Accounts receivable

10,000

18-27


At December 31, 2011, based on prior experience, Pesido

estimates that returns on the remaining balance will be 4 percent.

Pesido makes the following entry to record the expected returns.

December 31, 2011

Sales returns and allowances 11,600

Allowance for sales returns and allowances

11,600

[($300,000 - $10,000) x 4% = 11,600]


18-28



Illustration 18-8

18-29



Morgan records the sale and related cost of goods sold as

follows.Cash 135,000

Sales 135,000

Cost of Goods Sold 115,000

Inventory

115,000

Illustration 18-8

18-30

Principal-Agent Relationships



Amounts collected on behalf of the principal are not

revenue of the agent.

Revenue for the agent is the amount of the commission it

receives.

18-31

Consignments



Manufacturers (or wholesalers) deliver goods but retain

title to the goods until they are sold.

Consignor (manufacturer or wholesaler) ships

merchandise to the consignee (dealer), who is to act as

an agent for the consignor in selling the merchandise.

Consignor makes a profit on the sale.

Consignee makes a commission on the sale.

18-32

Trade Loading and Channel Stuffing



Trade loading - a crazy, uneconomic, insidious practice

through which manufacturers—trying to show sales, profits, and

market share they don’t actually have—induce their wholesale

customers, known as the trade, to buy more product than they

can promptly resell.

Channel stuffing. When a software maker needed to make its

financial results look good, it offered deep discounts to its

distributors to overbuy, and then recorded revenue when the

software left the loading dock.

18-33

Two methods of accounting for long-term construction

contracts:

Percentage-of-completion method.

Cost-recovery (zero-profit) method.

Long-Term Contracts (Construction)Long-Term Contracts (Construction)Long-Term Contracts (Construction)Long-Term Contracts (Construction)

18-34

Rationale for using percentage-of-completion accounting

is that under most of these contracts, the

Buyer and seller have enforceable rights.

Buyer has the legal right to require specific performance on

the contract.

Seller has the right to require progress payments that

provide evidence of the buyer’s ownership interest.

As a result, a continuous sale occurs as the work

progresses and companies should recognize revenue

according to that progression.


18-35

Companies must use the percentage-of-completion method

when all of the following conditions exist.

1. Total contract revenue can be measured reliably;

2. It is probable that the economic benefits associated with the

contract will flow to the company;

3. Both the contract costs to complete the contract and the stage

of contract completion at the end of the reporting period can

be measured reliably; and

4. The contract costs attributable to the contract can be clearly

identified and measured reliably so the actual contract costs

incurred can be compared with prior estimates.


18-36

Companies should use the cost-recovery method when one

of the following conditions applies:

1. When a company cannot meet the conditions for using the

percentage-of-completion method, or

2. When there are inherent hazards in the contract beyond the

normal, recurring business risks.


18-37

Calculation for Revenue to Be Recognized

LO 3 Apply the percentage-of-completion method for long-term contracts.LO 3 Apply the percentage-of-completion method for long-term contracts.

Illustration 18-11

Illustration 18-12

Illustration 18-13

Percentage-of-Completion Method


18-38 LO 3 Apply the percentage-of-completion method for long-term contracts.LO 3 Apply the percentage-of-completion method for long-term contracts.

Illustration: KC Construction Company has a contract to

construct a €4,500,000 bridge at an estimated cost of

€4,000,000. The contract is to start in July 2010, and the

bridge is to be completed in October 2012. The following data

pertain to the construction period.



Illustration: Compute percentage complete.Illustration 18-6



Illustration: KC would make the following entries to record

(1) the costs of construction, (2) progress billings, and (3)

collections.Illustration 18-7


18-41

Percentage-of-Completion, Revenue and Gross Profit, by YearIllustration 18-16



Illustration: KC’s entries to recognize revenue and gross

profit each year and to record completion and final approval

of the contract.Illustration 18-17



Illustration: Content of Construction in Process Account—

Percentage-of-Completion Method

Illustration 18-18



Financial Statement Presentation—Percentage-of-

Completion

Illustration 18-19

Computation of Unbilled Contract Price at 12/31/10


18-45

Financial Statement—Percentage-of-Completion


Illustration 18-20

LO 3LO 3

18-46

Illustration: For the bridge project illustrated on the preceding

pages, Hardhat Construction would report the following revenues and

costs.

Cost-Recovery (Zero-Profit) MethodCost-Recovery (Zero-Profit) MethodCost-Recovery (Zero-Profit) MethodCost-Recovery (Zero-Profit) Method

LO 4 Apply the cost-recovery method for long-term contracts.LO 4 Apply the cost-recovery method for long-term contracts.

Illustration 18-21

18-47

Illustration: Hardhat’s entries to recognize revenue and gross profit

each year and to record completion and final approval of the contract.



Illustration 18-22

18-48

Illustration: Comparison of gross profit recognized under different

methods.



Illustration 18-23

18-49

Financial Statement—Cost-Recovery Method


Illustration 18-24


18-50

2010 2011 2012 Contract price €675,000 €675,000 €675,000 Cost incurred current year 150,000 287,400 170,100 Estimated cost to complete in future years 450,000 170,100 0 Billings to customer current year 135,000 360,000 180,000 Cash receipts f rom customer Current year 112,500 262,500 300,000


A) Prepare the journal entries for 2010, 2011, and 2012. A) Prepare the journal entries for 2010, 2011, and 2012.

LO 3 Apply the percentage-of-completion method for long-term contracts.LO 3 Apply the percentage-of-completion method for long-term contracts.

Illustration:


Casper Construction Co.


2010 2011 2012

Costs incurred to date € 150,000 € 437,400 € 607,500

Estimated cost to complete 450,000 170,100

Est. total contract costs 600,000 607,500 607,500

Est. percentage complete 25.0% 72.0% 100.0%

Contract price 675,000 675,000 675,000

Revenue recognizable 168,750 486,000 675,000

Rev. recognized prior year (168,750) (486,000)

Rev. recognized currently 168,750 317,250 189,000

Costs incurred currently (150,000) (287,400) (170,100)

Gross profi t recognized € 18,750 € 29,850 € 18,900

Illustration:



Construction in progress 150,000 287,400 170,100 Cash 150,000 287,400 170,100

Accounts receivable 135,000 360,000 180,000 Billings on contract 135,000 360,000 180,000

Cash 112,500 262,500 300,000 Accounts receivable 112,500 262,500 300,000

Construction in progress 18,750 29,850 18,900 Construction expense 150,000 287,400 170,100

Construction revenue 168,750 317,250 189,000

Billings on contract 675,000 Construction in progress 675,000

20122010 2011


Illustration:


Income Statement 2010 2011 2012

Revenue on contracts 168,750$ 317,250$ 189,000$

Cost of construction 150,000 287,400 170,100 Gross profit 18,750 29,850 18,900

Balance Sheet (12/31)Current assets:

Accounts receivable 22,500 120,000 - Cost & profits > billings 33,750

Current liabilities:Billings > cost & profits 9,000


Illustration:

18-54

Companies recognize revenue only to the extent of costs

incurred that are expected to be recoverable.

Only after all costs are incurred is gross profit recognized.


Cost-Recovery Method


18-55

Cost-Recovery MethodCost-Recovery MethodCost-Recovery MethodCost-Recovery Method

Illustration:

Construction in progress 150,000 287,400 170,100 Cash 150,000 287,400 170,100

Accounts receivable 135,000 360,000 180,000 Billings on contract 135,000 360,000 180,000

Cash 112,500 262,500 300,000 Accounts receivable 112,500 262,500 300,000

Construction in progress 67,500 Construction expense 150,000 287,400 170,100

Construction revenue 150,000 287,400 237,600

Billings on contract 675,000 Construction in progress 675,000

20122010 2011


18-56

Illustration:

Income Statement 2010 2011 2012

Revenue on contracts € 0 € 0 € 675,000

Cost of construction - - 607,500 Gross profit - - 67,500

Balance Sheet (12/31)Current assets:

Accounts receivable 22,500 120,000 - Cost & profits > billings 15,000

Current liabilities:Billings > cost & profits 57,600

Cost-Recovery MethodCost-Recovery MethodCost-Recovery MethodCost-Recovery Method


18-57 LO 5 Identify the proper accounting for losses on long-term contracts.LO 5 Identify the proper accounting for losses on long-term contracts.

Loss in the Current Period on a Profitable Contract

► Percentage-of-completion method only, the estimated

cost increase requires a current-period adjustment of

gross profit recognized in prior periods.

Loss on an Unprofitable Contract

► Under both percentage-of-completion and completed-

contract methods, the company must recognize in the

current period the entire expected contract loss.

Long-Term Contract Losses


18-58

Illustration: Loss in Current Period

Long-Term Contract LossesLong-Term Contract LossesLong-Term Contract LossesLong-Term Contract Losses

LO 5 Identify the proper accounting for losses on long-term contracts.LO 5 Identify the proper accounting for losses on long-term contracts.



b) Prepare the journal entries for 2010, 2011, and 2012 assuming the estimated cost to complete at the end of 2011 was €215,436 instead of €170,100.

b) Prepare the journal entries for 2010, 2011, and 2012 assuming the estimated cost to complete at the end of 2011 was €215,436 instead of €170,100.


18-59

2010 2011 2012





Contract price 675,000 675,000 675,000





Gross profi t recognized € 18,750 (€ 3,900) € 7,314




18-60

Construction in progress 18,750 7,314 Construction expense 150,000 215,436

Construction revenue 168,750 222,750

Construction in progress 3,900 Construction expense 287,400

Construction revenue 283,500

20122010 2011




18-61

Illustration: Loss on Unprofitable Contract





c) Prepare the journal entries for 2010, 2011, and 2012 assuming the estimated cost to complete at the end of 2011 was € 246,038 instead of € 170,100.

c) Prepare the journal entries for 2010, 2011, and 2012 assuming the estimated cost to complete at the end of 2011 was € 246,038 instead of € 170,100.


18-62

2010 2011 2012





Contract price 675,000 675,000 675,000





Gross profi t recognized € 18,750 (€ 27,188) € 0


LO 5LO 5

$675,000 – 683,438 = (8,438) cumulative loss PlugPlug


18-63

Construction in progress 18,750 - Construction expense 150,000 243,000

Construction revenue 168,750 243,000

Construction in progress 27,188 Construction expense 290,438


20122010 2011




18-64

Loss on construction contract 8,438

Construction in progress 8,438

Construction expense 287,400


2010 2011



For the Cost-Recovery method, companies would recognize the

following loss:


18-65

Construction contractors should disclosure:

Revenue recognized during the period and the methods used to

determine the contract revenue and stage of completion.

For contracts in progress,

► aggregate amount of costs incurred and recognized net

income, amount of advances received, and amount of

retentions.

Any contingent assets or liabilities related to these contracts.

Disclosures in Financial Statements



18-66

Follow the same criteria as long-term contracts.

To recognize revenue:

It must be reliably measurable;

Economic benefits are probable;

Stage of completion must be reliably measurable; and

Costs must be reliably measurable.

Service Contracts

Other Revenue Recognition IssuesOther Revenue Recognition IssuesOther Revenue Recognition IssuesOther Revenue Recognition Issues

LO 6 Describe the accounting issues for service contracts.LO 6 Describe the accounting issues for service contracts.

18-67

Single Act: Revenue recognized at the time of the act.

More Than One Act: Revenue recognized as various acts

occur.

Three circumstances:

1. Specified number of identical or similar acts.

2. Specified number of defined but not identical acts.

3. Unspecified number of identical acts or similar acts with a

fixed period for performance.

Service Contracts



18-68



18-69


LO 6LO 6

Assuming R&D services are provided according to the contract in

2011, Jackson makes the following entries in 2011 to recognized

revenue on the Andes contract.

January 1, 2011

Cash 1,000,000

Unearned R&D service revenue 1,000,000

December 31, 2011

Cash 400,000

Unearned R&D Service Revenue 200,000

R&D Service Revenue 600,000

18-70



18-71 LO 6 Describe the accounting issues for service contracts.LO 6 Describe the accounting issues for service contracts.


18-72 LO 6 Describe the accounting issues for service contracts.LO 6 Describe the accounting issues for service contracts.


18-73


SeniorLife makes the following entries related to the contract.

January 1, 2011

Cash 300,000

Unearned service revenue 300,000

December 31, 2011


Service Revenue 60,000

December 31, 2012


Service Revenue 105,000

18-74

MDAs provide multiple products or services to customers as part

of a single arrangement.

Major accounting issues

how to allocate the revenue to the various products and

services and

how to allocate the revenue to the proper period.

Multiple-Deliverable Arrangements (MDAs)


LO 7 Identify the proper accounting for multiple-deliverable arrangements.LO 7 Identify the proper accounting for multiple-deliverable arrangements.

18-75

All units in a MDA are considered separate units of accounting,

provided that:

1. A delivered item has value to the customer on a standalone

basis; and

2. The arrangement includes a general right of return relative to

the delivered item; and

3. Delivery or performance of the undelivered item is

considered probable and substantially in the control of the

seller.




18-76




Illustration 18-33

18-77 LO 7 Identify the proper accounting for multiple-deliverable arrangements.LO 7 Identify the proper accounting for multiple-deliverable arrangements.

Illustration 18-34

18-78

Interest, Royalties, and Dividends

Accretion

Completion-of-Production Basis

Other Revenue Situations



18-79

The IASB defines revenue to include both revenues and gains. U.S.

GAAP provides separate definitions for revenues and gains.

Revenue recognition fraud is a major issue in revenue recognition. The

same situation occurs in the United States as evidenced by revenue

recognition breakdowns at telecom company Global Crossing (USA),

technology company Lucent Technologies (USA), and utility company

Enron (USA).

18-80

A specific standard exists for revenue recognition under IFRS (IAS 18).

In general, the standard is based on the probability that the economic

benefits associated with the transaction will flow to the company selling

the goods, rendering the service, or receiving investment income. In

addition, the revenues and costs must be capable of being measured

reliably. U.S. GAAP uses concepts such as realized or realizable, and

earned as a basis for revenue recognition.

U.S. GAAP permits the use of the completed-contract method of

accounting for long-term construction contracts (IAS 11). Companies

generally use the percentage-of-completion method. If revenues and

costs are difficult to estimate, then companies recognize revenue only

to the extent of the cost incurred—a zero-profit approach under IFRS.

18-81

U.S. GAAP does not allow the percentage-of-completion method for

service contracts. Under IFRS, costs can be deferred if the company is

using percentage-of-completion. Under GAAP, costs are generally

expensed as incurred.

U.S. GAAP provides detailed guidance in multiple-deliverable

arrangements. IFRS guidance is more general.

18-82

Franchises

Two sources of revenue:

1. Sale of initial franchises and related assets or

services, and

2. Continuing fees based on the operations of

franchises.

LO 8 Explain revenue recognition for franchises sales.LO 8 Explain revenue recognition for franchises sales.

18-83 LO 8 Explain revenue recognition for franchises sales.LO 8 Explain revenue recognition for franchises sales.

The franchisor normally provides the franchisee with:

1. Assistance in site selection.

2. Evaluation of potential income.

3. Supervision of construction activity.

4. Assistance in the acquisition of signs, fixtures, and equipment.

5. Bookkeeping and advisory services.

6. Employee and management training.

7. Quality control.

8. Advertising and promotion.

Franchises

18-84

Franchisors record initial franchise fees as

revenue only when and as they make “substantial

performance” of the services they are obligated to perform and

when collection of the fee is reasonably assured.

Substantial performance occurs when the franchisor has no

remaining obligation to refund any cash received or excuse any

nonpayment of a note and has performed all the initial services

required under the contract.

Initial Franchise Fees


18-85

Illustration: Tum’s Pizza Inc. charges an initial franchise fee of

$50,000 for the right to operate as a franchisee of Tum’s Pizza. Of this

amount, $10,000 is payable when the franchisee signs the agreement,

and the balance is payable in five annual payments of $8,000 each.

The credit rating of the franchisee indicates that money can be

borrowed at 8 percent. The present value of an ordinary annuity of five

annual receipts of $8,000 each discounted at 8 percent is $31,942. The

discount of $8,058 represents the interest revenue to be accrued by

the franchisor over the payment period.

Example of Entries for Initial Franchise Fee


18-86

Illustration: 1. If there is reasonable expectation that Tum’s Pizza

Inc. may refund the down payment and if substantial future services

remain to be performed by Tum’s Pizza Inc., the entry should be:


Cash 10,000

Notes Receivable 31,942

Unearned Franchise Fees

41,942


18-87

Illustration: 2. If the probability of refunding the initial franchise fee is

extremely low, the amount of future services to be provided to the

franchisee is minimal, collectibility of the note is reasonably assured,

and substantial performance has occurred, the entry should be:


Cash 10,000


Revenue from Franchise Fees

41,942


18-88

Illustration: 3. If the initial down payment is not refundable,

represents a fair measure of the services already provided, with a

significant amount of services still to be performed by Tum’s Pizza in

future periods, and collectibility of the note is reasonably assured, the

entry should be:


Cash 10,000


Revenue from Franchise Fees 10,000.00

Unearned Franchise Fees31,942


18-89

Illustration: 4. If the initial down payment is not refundable and no

future services are required by the franchisor, but collection of the note

is so uncertain that recognition of the note as an asset is unwarranted,

the entry should be:


Cash 10,000

Revenue from Franchise Fees

10,000


18-90

Illustration: 5. Under the same conditions as those listed in case 4

above, except that the down payment is refundable or substantial

services are yet to be performed, the entry should be:


Cash 10,000

Unearned Franchise Fees

10,000

In cases 4 and 5 — where collection of the note is extremely uncertain—franchisors may recognize cash collections using the cost-recovery method.


18-91

Continuing franchise fees are received in return for the

continuing rights granted by the franchise agreement and for

providing such services as management training, advertising

and promotion, legal assistance, and other support.

Franchisors report continuing fees as revenue when they are

earned and receivable from the franchisee.

Continuing Franchise Fees


18-92

Copyright © 2011 John Wiley & Sons, Inc. All rights reserved.

Reproduction or translation of this work beyond that permitted in

Section 117 of the 1976 United States Copyright Act without the

express written permission of the copyright owner is unlawful.

Request for further information should be addressed to the

Permissions Department, John Wiley & Sons, Inc. The purchaser

may make back-up copies for his/her own use only and not for

distribution or resale. The Publisher assumes no responsibility for

errors, omissions, or damages, caused by the use of these

programs or from the use of the information contained herein.

CopyrightCopyrightCopyrightCopyright

18-1 Volume 2. 18-2 C H A P T E R 18 REVENUE Intermediate Accounting IFRS Edition Kieso, Weygandt,...

Documents

Transcript of 18-1 Volume 2. 18-2 C H A P T E R 18 REVENUE Intermediate Accounting IFRS Edition Kieso, Weygandt,...