Further Accounting Standards Flashcards

Revenue, Events after the Reporting Period.

1
Q

What are the 5 stages for recognising revenue?

IIDAR

A
  1. Identify a contract with the customer
  2. Identify the performance obligations
  3. Determine the transaction price
  4. Allocate the transaction price, based on input and output method
  5. Recognise revenue as each performance obligation is met
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2
Q

When is a contract inside the scope of IFRS 15?

A

When:

  • both parties approve a contract
  • the right and payment terms is identified
  • the contacts have commercial substance
  • It is probable the entity will collect the consideration to which it is entitled
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3
Q

What happens to events that occur after the reporting period?

Give 5 examples

A

An adjustment must be made in the financial statements if it is a material amount like:

  • Provisions
  • Impairments of an Asset
  • Receivables insolvency
  • Going Concern
  • Fruad
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4
Q

What happens to Non-adjusting events that occur after the reporting period?

Give 5 examples

A

Disclosure of the event is required in the financial statement:

  • An Assets destruction
  • An aquisition
  • Discontinued operation
  • Share transactions
  • Declared Dividends
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