IAS 34Chapter 4Lesson 2
Seasonal revenue, uneven costs and the ban on smoothing
Step 1 of 7Learning objectives
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Recognition criteria are the annual ones: a cost that is not an asset is not deferred, and seasonal revenue and uneven costs are anticipated or deferred only if the annual closing would also justify it.
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Learning objectives
- Determine that a cost that is not an asset at the interim date is not deferred.
- Apply the "appropriate at the annual closing" test to seasonal revenue and uneven costs.
- Distinguish the accounting treatment from the information on seasonality.