PFRS 15 Revenue from Contracts with Customers

Question 1

What are the five (5) steps of revenue recognition under PFRS 15?

Answer 1

• An entity applies the following steps when recognizing revenue:

1) Step 1: Identify the contract with the customer
2) Step 2: Identify the performance obligations in the contract
3) Step 3: Determine the transaction price
4) Step 4: Allocate the transaction price to the performance obligations in the contract
5) Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation

Question 2

What are the five (5) steps of revenue recognition under PFRS 15?

• An entity applies the following steps when recognizing revenue:

1) Step 1: — the — with the —
2) Step 2: — the — — in the —
3) Step 3: — the — —
4) Step 4: — the — — to the — — in the —
5) Step 5: — — when (or as) the entity — a — —-

Answer 2

• An entity applies the following steps when recognizing revenue:

1) Step 1: Identify the contract with the customer
2) Step 2: Identify the performance obligations in the contract
3) Step 3: Determine the transaction price
4) Step 4: Allocate the transaction price to the performance obligations in the contract
5) Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation

Question 3

Step1

Answer 3

Identify the contract with the customer

Question 4

Step 1: — the — with the —

Answer 4

Step 1: Identify the contract with the customer

Question 5

Step 2

Answer 5

Step 2: Identify the performance obligations in the contract

Question 6

Step 2: — the — — in the —

Answer 6

Step 2: Identify the performance obligations in the contract

Question 7

Step 3

Answer 7

Step 3: Determine the transaction price

Question 8

Step 3: — the — —

Answer 8

Step 3: Determine the transaction price

Question 9

Step 4

Answer 9

Step 4: Allocate the transaction price to the performance obligations in the contract

Question 10

Step 4: — the — — to the — — in the —

Answer 10

Step 4: Allocate the transaction price to the performance obligations in the contract

Question 11

Step 5

Answer 11

Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation

Question 12

Step 5: — — when (or as) the entity — a — —

Answer 12

Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation