Question:
Vodafone Group, Plc , headquartered in the United Kingdom, is one of the world’s largest
telecommunications companies.
Excerpts from the revenue recognition disclosure included in its 2011 annual report are reproduced
below.
Required:
On the basis of the information the disclosures provide, compare revenue recognition under IFRS (as
applied by Vodafone) with that in the United States.
Answer:
Vodafone’s revenue recognition policies for products and services are similar to revenue recognition
policies in the U.S. Sales of products are recorded when goods have been put at the disposal of the
customers in accordance with agreed terms of delivery and when the risks and rewards of ownership have
Vodafone Group, Plc , headquartered in the United Kingdom, is one of the world’s largest
telecommunications companies.
Excerpts from the revenue recognition disclosure included in its 2011 annual report are reproduced
below.
Required:
On the basis of the information the disclosures provide, compare revenue recognition under IFRS (as
applied by Vodafone) with that in the United States.
Answer:
Vodafone’s revenue recognition policies for products and services are similar to revenue recognition
policies in the U.S. Sales of products are recorded when goods have been put at the disposal of the
customers in accordance with agreed terms of delivery and when the risks and rewards of ownership have
