The accounting studies must be supported by standards that explain in a detailed and systematic manner in relation to the handling, processing and reflection of financial information based on globally accepted, understandable and high quality parameters based on clearly articulated principles, promoting comparable, transparent and high quality information in the financial statements and other information.
For example, for the processing of Revenue from ordinary activities shall be applied when accounting for revenue from ordinary activities from the following transactions and events: (a) the sale of goods (whether or not the entity produces them for sale or acquires them for resale); (b) the rendering of services; (c) construction contracts in which the entity is the contractor; and (d) the use, by third parties, of assets of the entity that produce interest, royalties or dividends.
Accordingly, this section should be applied to account for revenue from sales, which should be reflected, recognized and measured in the manner prescribed by the IFRS for SMEs.
An entity shall measure revenue from ordinary activities at the fair value of the consideration received or receivable. The fair value of the consideration received or receivable takes into account the amount of any trade discounts, cash discounts and volume rebates that are practiced by the entity.
This is intended to highlight the importance of recording, recognizing and valuing revenue from sales, through the fair value of the goods or services received, adjusted to the form of payment received as a result of the sales.
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