Revenue recognition under AASB 118 involves a de novo assessment at the time of preparing financial statements, not an irrevocable fixing at the earliest date conditions are met; the company must have regard to all relevant information up to the balance date and adjusting events after the balance date. The AASB Framework is extrinsic material admissible under s 15AB of the Acts Interpretation Act for interpreting accounting standards. The proper construction of accounting standards is ultimately a question of law, though expert evidence on accounting concepts, practices and principles that inform the court's construction task is admissible. Where the objectively determined common intention of the parties is unambiguous, it is unnecessary to determine the admissibility of surrounding circumstances evidence.
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