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ifrs 15 revenue from contracts with customers

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › ifrs 15 revenue from contracts with customers

  • This topic has 1 reply, 2 voices, and was last updated 7 years ago by AvatarP2-D2.
Viewing 2 posts - 1 through 2 (of 2 total)
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    Posts
  • January 16, 2019 at 10:52 pm #502358
    Avatarfoeldh123
    Participant
    • Topics: 168
    • Replies: 76
    • ☆☆☆

    in accordance with IFRS 15, an entity controls an asset if it can direct is use and obtain most of its remaining benefits. This control have indicators which are

    1. entity has a present right to payment for the asset
    2. customer has legal title to the asset
    3. entity has transferred physical possession of the asset
    4. customer has significant risks and rewards of ownership of the asset
    5. customer has accepted the asset.

    According to Kaplan textbooks, there are five indicators for the transfer of control. Does this mean that this all five has to be met ? or just one among the five to conclude that the control has been transferred ?

    January 21, 2019 at 8:48 pm #502932
    AvatarP2-D2
    Keymaster
    • Topics: 4
    • Replies: 7232
    • ☆☆☆☆☆

    Hi,

    Which paper are you studying as you’ve posted this question in the FR forum too, where it has been answered for you.

    Thanks

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    Posts
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