- This topic has 1 reply, 2 voices, and was last updated 11 months ago by .
- You must be logged in to reply to this topic.
Congratulations to Jamil from Pakistan and Jeeva from Malaysia - Global Prize winners!
see all ACCA December 2022 Genius Hunt Competition winners >>
Specially for OpenTuition students: 20% off BPP Books for ACCA & CIMA exams – Get your BPP Discount Code >>
1. Which of the following items does NOT represent the correct accounting treatment in accordance with IFRS 15 revenue from contracts with customers?
A) Treating a sale and repurchase as a lone rather than a sale, if control over the goods has not passed to the buyer
B) where a sale agreement has a significant financing component recognizing the initial sale of the present value
C) when a package of goods are sold together at discount, applying the discount toward parts if none are ever sold separately at a discount
D) recognizing no revenue in relation to a three year service contract until the service is completed at the end of the third year
I think answer should be d option.
As in service contract , revenue should be recognised over the time not at the end of third year . So every three year revenue should be recognised related to service contract according to time.