, (1) Identify contract with customer agreement that creates enforceable rights an
(2) Identify performance obligation(s) distinct goods or services
entity expects to be entitled
(3) Determine transaction price PV
Variable consideration
(4) Allocate transaction price to performance obligations stand-alone price
point in tim
Revenue recognition (IFRS 15)
(5) Recognise revenue when (or as) performance obligation satisfied
Over time
rec as assets if
Incremental costs of obtaining a contract expected to recovered
Revenue specifically identified
Costs to fulfil a contract: rec as assets if generate/enhance resources
expected to be recovered
Sale with right of return amount expect to be entitled
option to purchase separately
Warranties Separate PO additional services provided
otherwise - IAS37
Specific guidance
principal - gross amount
Principal versus agent
agent - commission
(2) Identify performance obligation(s) distinct goods or services
entity expects to be entitled
(3) Determine transaction price PV
Variable consideration
(4) Allocate transaction price to performance obligations stand-alone price
point in tim
Revenue recognition (IFRS 15)
(5) Recognise revenue when (or as) performance obligation satisfied
Over time
rec as assets if
Incremental costs of obtaining a contract expected to recovered
Revenue specifically identified
Costs to fulfil a contract: rec as assets if generate/enhance resources
expected to be recovered
Sale with right of return amount expect to be entitled
option to purchase separately
Warranties Separate PO additional services provided
otherwise - IAS37
Specific guidance
principal - gross amount
Principal versus agent
agent - commission
