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What is Deferred income what is the difference between accrued income how it will effect on Financial statement

Question Posted / divya34892


What is Deferred income what is the difference between accrued income how it will effect on Financia..

Answer / tari

Hi

Deferred income refers to suspension of revenue already receivable but has not yet met all the conditions for revenue recognition in that specific period as per IFRS 15 e.g. may be proceeds received for a sale of inventory but the inventory is yet to be handed over i.e. control is yet to be passed on. Accrued revenue on the other hand refers to anticipated revenue accounted for in the period but has not yet met the criteria for recognition. Accrual of future revenue is actually prohibited by IFRS

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