CERTYNEX IFRS ACADEMY

Evrard orders goods in dollars on 5 April; it receives them and obtains control of them on 20 April, the invoice is issued on 28 April and payment takes place on 15 May. Its accounting policy note states: "The date of the transaction is the payment date." What is the error?

The date of the transaction is the order date, because it fixes the price in dollars and binds both parties to the exchange of the goods.

The date of the transaction is the invoice date, because it is the first accounting document issued and shows the exact amount in dollars.

The date of the transaction is the date on which the recognition conditions are first met, here the receipt of the goods.

The date of the transaction is the last day of the month in which the goods are received, for convenience of the monthly closing of the accounts.