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Hi all,
I am struggling to understand IFRS 15. Does anyone have short summary of the key aspects of this standard?
Thank you in advance,
For P7 you just need to ensure Financial Reporting standards have been followed. The 5 steps of Revenue Recognition are;
1. Identify the contract
2. Identify separate performance obligations
3. determine the transaction price
4. Allocate the transaction price to the performance obligation
5. Recognise revenueFinally, Revenue should be recognised when control has passed
Does this help?
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