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IFRS 15 REVENUE

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

  • This topic has 5 replies, 2 voices, and was last updated 3 years ago by Stephen Widberg.
Viewing 6 posts - 1 through 6 (of 6 total)
  • Author
    Posts
  • December 24, 2021 at 2:52 pm #644767
    hanningtonsserwadda
    Participant
    • Topics: 27
    • Replies: 20
    • ☆

    Hello Stephen;
    If at the start of the year an entity enters into a contract to sell goods to another entity worth say USD 3 million payable after 3 years. This entity recognised the entire USD 3 million as sales during the year. Discount rate is 7%.

    What is the implication of this 7%? Should revenue be recognized and of how much if any following these facts in the scenario?

    Thanks stephe.

    December 26, 2021 at 4:51 pm #644875
    Stephen Widberg
    Keymaster
    • Topics: 16
    • Replies: 3416
    • ☆☆☆☆☆

    Dr Receivables Cr Revenue – with 3m discounted for 2 yrs – 2.62m

    Then unwind discount over 2 years

    Dr Receivables Cr Finance income

    December 27, 2021 at 8:44 am #644892
    hanningtonsserwadda
    Participant
    • Topics: 27
    • Replies: 20
    • ☆

    Thanks. This finance income do we recognise spread it over the three years? Or show a recognition of it all at once

    December 27, 2021 at 5:07 pm #644917
    Stephen Widberg
    Keymaster
    • Topics: 16
    • Replies: 3416
    • ☆☆☆☆☆

    Over 3 years – unwinding discount.

    I misread your original question – we will discount for 3 years not 2!

    December 27, 2021 at 7:24 pm #644921
    hanningtonsserwadda
    Participant
    • Topics: 27
    • Replies: 20
    • ☆

    Thank you.

    December 28, 2021 at 6:17 pm #644979
    Stephen Widberg
    Keymaster
    • Topics: 16
    • Replies: 3416
    • ☆☆☆☆☆

    🙂

  • Author
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Viewing 6 posts - 1 through 6 (of 6 total)
  • The topic ‘IFRS 15 REVENUE’ is closed to new replies.

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