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IFRS 15

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › IFRS 15

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  • November 21, 2017 at 2:00 pm #417146
    Avatarvikulchik07
    Participant
    • Topics: 26
    • Replies: 12
    • ☆

    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
    AvatarMikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23368
    • ☆☆☆☆☆

    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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