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Sir penalty payable to a Customer for delay in the delivery of a good/service as per my exam kit is variable consideration under IFRS 15.
But I considered the same situation as ‘consideration payable to a customer’ which is not in exchange for good/service.
Both the exam kit and myself talk about reduction in selling price, if it becomes payable, but from different perspectives
So would I lose marks here?
No – it makes no difference at all. You have the same outcome in the financial statements.