Discuss the respects in which the following revenue recognition criteria in IFRS correspond with the definitions and

Question:

Discuss the respects in which the following revenue recognition criteria in IFRS correspond with the definitions and recognition criteria for assets.
Revenue recognition criteria Related asset criteria
The entity has transferred to the buyer the significant risks and rewards of ownership of the goods.
The entity retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold.
The amount of revenue can be measured reliably.
It is probable that the economic benefits associated with the transaction will flow to the entity.
The costs incurred or to be incurred in respect of the transaction can be measured reliably.
The stage of completion of the transaction at the date can be measured reliably.
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...