ACCA Exam Results

Post comments & Vote in Instant poll >>

20% off ACCA & CIMA Books

OpenTuition recommends the new interactive BPP books for December 2024 exams.
Get your discount code >>

IFRS 15

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

Viewing 2 posts - 1 through 2 (of 2 total)

Author
Posts
November 25, 2021 at 4:23 am #641562
davthev
Participant
- Topics: 7
- Replies: 5
Hi sir, how do we account for free-of-charge items under IFRS 15? I know it’s a separate performance obligation but how does the double-entry works?
November 25, 2021 at 5:54 pm #641624
Stephen Widberg
Keymaster
- Topics: 15
- Replies: 3320
I pay 100 to supermarket for sausages.
I get a discount voucher for 4 free sausages next year.
When I pay the 100 the supermarket will:
Dr Cash 100
Cr Revenue 100/104×100
Cr Contract liability 4/104 x 100
Author
Posts

Viewing 2 posts - 1 through 2 (of 2 total)

You must be logged in to reply to this topic.