Specifically IAS no.18 revenue requires the following revenue recognition criteria to be satisfied before revenue is recognized
1.The amount of revenue and costs associated with the transaction can be measured reliably.
2.It is probable that the economic benefits associated with the transaction will flow to the seller.
3.(for sales of goods) the seller has transferred to the buyer the risks and rewards of ownership and does not effectively manage or control the goods
4.(for sales of services)the stage of completion can be measured reliably