IFRS 15 Revenue Recognition – ACCA Financial Accounting (FA)
Reader Interactions
Comments
Leave a Reply
You must be logged in to post a comment.
Free ACCA & CIMA online courses from OpenTuition
Free Notes, Lectures, Tests and Forums for ACCA and CIMA exams
20% off ACCA & CIMA Books
OpenTuition recommends the new interactive BPP books for March and June 2025 exams.
Get your discount code >>
Do I need to know under which accounting standard each rule comes, (IFRS…)
No, just be able to know, understand and apply the various concepts.
Hello Sir. If in the question, there are more than 1 accounting year and if there is any accumulated profit/loss for previous years, then how do we account for same in the statement of profit or loss? Do we add any accumulated profit for previous years or substract it? And for any accumulated losses?
this is good
and helpful
Sir, in the last settlement discount question, wouldn’t we record it as cash sale,
Dr cash 100
Cr. Sales 100
Rather debiting to the receivables?
When it comes to figures with decimals, how do we recognize when to use decimals and when to just round it off to one whole number.
Also, does it matter if I just simply credit 5,000 into sales and debit 100 into a discount-allowed account which I then credit if the customer hasn’t paid within 10 days?
Hi John, Thank you. Is prompt payment discount the same as what we learnt in previous chapters as cash discount? Would it be different if in example 2 it is not mentioned “customer is expected to take discount”. It is a bit confusing since we don’t record trade discount and what you have illustrated in example 2 is somewhat similar to trade discount wherein we aren’t recording it initially.