Which of the following is NOT a condition for recognizing revenue under ASPE?

In the context of revenue recognition under Accounting Standards for Private Enterprises (ASPE), various conditions must be met to properly recognize revenue. The correct choice highlights that the lack of established performance obligations is not a condition for revenue recognition.

To recognize revenue according to ASPE, specific criteria must generally be satisfied: the earning process is complete, the transaction price is determinable, collection is assured, and the risks and rewards related to the goods or services have transferred from the seller to the buyer. Thus, the need for performance obligations to be established is essential; without them, it’s challenging to determine when and how much revenue should be recognized.

In this case, the assertion that performance obligations have not been established is incorrect as it contradicts the requirements for recognizing revenue. According to ASPE, establishing performance obligations is crucial; it outlines the seller's commitments and determines how and when revenue can be recognized. Therefore, the option indicating that performance obligations have not been established is indeed the correct answer as it does not align with the criteria for revenue recognition under ASPE.