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Are the notes up to date? The current syllabus follows IFRS 15. Are these notes based on 2018 Conceptual framework?
Thanks. Pages 10 and 11 of the notes need to be updated with respect to revenue recognition.
P10: IAS 8 will change to IFRS15
P11: IAS 18 will change to
“IFRS 15 Revenue
A performance obligation is a distinct promise to transfer specific goods or services, distinct from other goods or services.
The point of revenue recognition is the point when performance obligation is satisfied, per each distinctive obligation. This might result in revenue recognition at a point in time or over time.”
At the FA2 level, I don’t think more detail is needed.