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4.3 Financial Statements of Limited Companies > IFRS 15: Revenue for Contracts with customers > Flashcards

IFRS 15: Revenue for Contracts with customers Flashcards

1
Q

When & how much to Recognise Revenue?

5 steps

A

Identify the CONTRACT(s) with a customer

Identify the PERFORMANCE OBLIGATIONS in the contract

Determine the TRANSACTION PRICE

ALLOCATE the transaction price to the performance obligations in the contract

RECOGNISE REVENUE when (or as) the entity satisfies a performance obligation

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4.3 Financial Statements of Limited Companies (16 decks)

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