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Does this IFRS 15 para 61 revenue recognistion applicableble in all countries : especially when determining the transaction price within a contract ?
It states that entity should consider if the timing of payments provides the customer or the entity with significant finacing benefit .
That consideration receivable needs to be discounted to present value using the rate at which the customer would borrow.“Does this IFRS 15 para 61 revenue recognistion applicableble in all countries”
No! It applies only to those countries / companies that claim to prepare their financial statements in compliance with IFRS
If you’re no making that assertion, then there’s no need to comply with IFRS
OK?
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