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IFRS 15

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

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  • 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: 14
    • Replies: 2876
    • ☆☆☆☆☆

    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

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