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1. hi is it possible to give me an example of ” the customer simultaneously receive and consumes the benefits provided by the entity’s performance as the entity performs’ ?
it’s one of the criteria when an entity satisfies a performance obligation over time if one of the following is criteria is met.
but i have a difficulty understanding the concept and i may need a short example.
2.(IFRS 15 para 38) for the indicators of the transfer of control,
– ‘the entity has a present right to payment for the asset’
this means entity has a present right to pay for the use of the asset from the client ???i do not understand what this actually means….
1. It is just a straight forward example of a service being provided, such as legal advice being give. The customer receives the advice and receives the benefit of the advice/knowledge immediately.
2. It is saying that the control may have transferred if the payment is due from the customer.
Thanks
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