Revenue – contract and performance obligations – ACCA Financial Reporting (FR)
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Hi Will this benefit me am doing CPA from KENYA.
Contract cost and modifications is there in f7.?
Hi
would like to know why there is no practice question for this chapter 16? on going forwrd up to chapter 18 , and chapter 21?
are these chapters not examinable on FR papers and carried to SBR?
Yes, they all are examinable, especially IFRS 15 (Revenue from contracts with customers), arguably the most important paper in ACCA, in the Strategic Business Reporting paper (SBR).
Get a Revision kit from either publisher, BPP or Kaplan, they will have practice questions for all the chapters.
is construction contract not part of the syllabus
Hi,
IAS 11 is now included with IFRS 15, so there is no separate standard for construction contracts. They now fall under the scenario where the performance obligation is satisfied over time.
Thanks
Can you please explain this ?
A company has year end on 31 Dec 20×1. On mid year(July 20×1) it signed contract to provide with an asset and control over it at the year end,however the payment has to be made next year only .
This doesn’t qualify for contract.Why?
Hi,
Why would it not qualify? There is a contract between the parties, however it might be that revenue cannot yet be recognised given the terms of the contract and whether the goods have been transferred or the services provided. I’d need more information from the question that you are referring to.
Thanks