IFRS 15

This topic has 1 reply, 2 voices, and was last updated 8 years ago by MikeLittle.

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November 21, 2017 at 2:00 pm #417146
vikulchik07
Participant
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Hello!

Do you cover IFRS 15 in this course?
Can I ask you about that, please?
If company received the payment, but it is less then the recognised revenue, when we should recognise the contract assets and when receivable the statement of FP? Are there any different?

Thank you very much!
Lookung forward your reply!
November 21, 2017 at 2:50 pm #417165
MikeLittle
Keymaster
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We recognise revenue when it is earned … not when it is received

So, if we’ve earned it and not yet received it, we must create a receivable with

Dr Receivable
Cr Revenue

Does that answer you?
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