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AASB 118 - Revenue
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Summary 
Developments, Key Differences & History 
Compared to IFRS 
Interpretations 
Rejection Notices 
Questions & Answers 
Articles 
AASB website 

 
Revenue in ordinary course of business  
 
Q: I am having difficulty with AASB 118 in that it is specifically with respect to the revenue events that it covers and that there is no provision for disclosure of revenue in the ordinary course of business. Can you provide any assistance?  
 
A: AASB 118 covers revenue in the ordinary course of operations - therefore generally items such as the disposal of property are not disclosed under this standard. Instead these are seen as gains rather than revenue, and covered under other relevant standards. AASB 116 para 68 includes the disclosure of the gain or loss on the disposal of property, and states this is not part of revenue.  
 
It is a matter of judgment as to whether a transaction is part of ordinary activities or not. In making a judgment, reference should also be made to AASB 116 as it provides additional guidance as to the distinction between revenue and gains.