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• Lease agreements (see AASB 117 Leases)
 

• Dividends arising from investments accounted for under the equity method
 

• Insurance contracts within the scope of AASB 4 Insurance Contracts
 
Changes in the fair value of financial assets and financial liabilities or their disposal 

• Changes in value of other current assets
 

• Initial recognition and from changes in fair value of biological assets related to agricultural activity (see AASB 141)
 

• Extraction of mineral ores

• Revenue must be measured at the fair value of the consideration received or receivable.
 

• Where the cash to be received is deferred, discounting is required of all future receipts using an imputed rate of interest, ie, either the prevailing interest rate for a similar transaction, or, a rate if interest that discounts the nominal amount of the instrument to the current cash sales prices of the good/service. The difference between the fair value and nominal amount is recognised as interest revenue in accordance with AASB 139.
 

• When goods or services are exchanged or swapped for goods or services of a similar nature and value, this is not regarded as a transaction which generates revenue. If however, goods or services are sold or exchanged for dissimilar goods or services, this is considered to generate revenue. This revenue is measured at the fair value of the goods or services received, adjusted by the amount of any cash transferred. If the fair value cannot be measured reliably, the revenue is measured at fair value of the goods or services given up, adjusted for any cash transferred.

1. The significant risks and rewards of ownership have been transferred to buyer
 

2. There is no continuing managerial involvement or effective control over goods transferred
 

3. The amount of revenue can be measured reliably
 

4. It is probable that the economic benefits from the transaction will flow to the entity; and
 

5. The costs incurred or to be incurred in respect of the transaction can be measured reliably.

• Revenue is recognised by reference to the stage of completion of the transaction at reporting date, when the outcome of the transaction can be estimated reliably.
 

• The outcome of a transaction can be estimated reliably when all following conditions are met:
1. The amount of revenue can be measured reliably
 

2. It is probable that the economic benefits associated with the transaction will flow to the entity
 

3. The stage of completion (as per AASB 111) of the transaction at reporting date can be measured reliably; and
 

4. The costs incurred for the transaction and the costs to complete the transaction can be measured reliably.
• To determine the stage of completion of a transaction, the standard suggests 3 methods:
• Surveys of work performed
 

• Services performed to date as percentage of total services to be performed
 

• The proportion that costs incurred to date bear to the estimated total costs of the transaction.
• When the outcome of the transaction cannot be estimated reliably, revenue is only recognised to the extent that expenses incurred are recoverable.

• Revenue in the form of interest, royalties and dividends arising from the use of an entity’s assets by others, is recognised when:
1. It is probable that the economic benefits from the transaction will flow to the entity
 

2. The amount of revenue can be measured reliably.
• The bases of recognition for these three forms of revenue are:
• Interest is based on the effective interest method set out in AASB 139 (paragraphs 9 and AG5-AG8)
 

• Royalties are recognised on an accrual basis in accordance with the substance of the agreement
 

• Dividends are recognised when the shareholder’s right to receive payment is established.

• Accounting policies for revenue recognition, including methods used to determine stage of completion
 

• Amount of each significant category of revenue
 

• Amount of revenue from exchanges of goods or services included in each significant category of revenue.