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IFRS 15-penalty payable to customer

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › IFRS 15-penalty payable to customer

  • This topic has 1 reply, 2 voices, and was last updated 4 years ago by AvatarStephen Widberg.
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  • May 19, 2021 at 11:02 am #621043
    AvatarNoah098
    Member
    • Topics: 935
    • Replies: 352
    • ☆☆☆☆☆

    Sir penalty payable to a Customer for delay in the delivery of a good/service as per my exam kit is variable consideration under IFRS 15.

    But I considered the same situation as ‘consideration payable to a customer’ which is not in exchange for good/service.

    Both the exam kit and myself talk about reduction in selling price, if it becomes payable, but from different perspectives

    So would I lose marks here?

    May 19, 2021 at 3:43 pm #621065
    AvatarStephen Widberg
    Keymaster
    • Topics: 17
    • Replies: 3449
    • ☆☆☆☆☆

    No – it makes no difference at all. You have the same outcome in the financial statements.

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