ifrs 15

“2. that “the electoral system means that the statute-making process responds to public opinion””

I believe that you mean “threads” – I don’t ever remember threatening anyone!

A sale of goods on consignment is recorded – but consignment sale recording is not in your syllabus.

But when goods are “sold” to an agent / outlet on consignment, those goods still belong to the principal

Thus, no sale has actually taken place and the inventory still belongs to the principal

“When the inventory is being sold by the agent to the third party, who records the sale?”

At the end of each pre-determined period (probably one month, but not necessarily), the agent / consignee will prepare an “account sales” and submit a copy to the principal

This account sales shows the opening balance of consignment goods at transfer value that the agent holds at the start of the period, the transfer value of further goods received from the principal, less the transfer value of the goods sold and that will leave the transfer value of the goods still held by the agent in inventory as at the period end

The transfer value of goods is the value that the principal has charged the agent upon the event of the goods being delivered

The agent will make a note of the agent’s sale of those goods to the outside world at transfer value and at sales value and will account to the principal for the sales price of those goods less the agent’s commission

At no time do those goods belong to the agent … they are always (until sold) the property of the consignor / principal

Better?