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Baltimore co dec 13

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › Baltimore co dec 13

  • This topic has 3 replies, 2 voices, and was last updated 1 year ago by Kim Smith.
Viewing 4 posts - 1 through 4 (of 4 total)
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  • November 2, 2021 at 1:29 am #639714
    Noah098
    Member
    • Topics: 935
    • Replies: 352
    • ☆☆☆☆☆

    The revenue generated from corporate website development should be recognised over time if the website is bespoke and does not have an alternative use i.e. cannot be repurposed for another client.

    ma’am won’t the revenue from initial development of website be recognised at a point in time? I understand that maintenance should be spread over time. But as far as development is concerned, it only happens once i.e. at the start of contract with customer. Once the website is ready it only needs to be maintained over time, for which mizzen co is correctly spreading the revenue.

    November 2, 2021 at 7:37 am #639738
    Kim Smith
    Keymaster
    • Topics: 100
    • Replies: 6797
    • ☆☆☆☆☆

    If you are quoting from an answer in a kit it has been oversimplified, this is what I have from another source:

    “The revenue generated from website development and maintenance should be split into two components. Revenue for website development should be recognised at a point in time once the website has been provided to the customer, but the revenue for maintenance should be recognised over the contract period.”

    November 2, 2021 at 8:29 am #639747
    Noah098
    Member
    • Topics: 935
    • Replies: 352
    • ☆☆☆☆☆

    yes the one from your source makes perfect sense! what’s your source ma’am?

    November 2, 2021 at 9:18 am #639754
    Kim Smith
    Keymaster
    • Topics: 100
    • Replies: 6797
    • ☆☆☆☆☆

    The originally published answer (just browsed ACCA P7 Baltimore) – but you can’t rely on them being technically correct, especially wrt IFRS.

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