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IFRS 15 Revenue from contracts with customers

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › IFRS 15 Revenue from contracts with customers

  • This topic has 1 reply, 2 voices, and was last updated 7 years ago by MikeLittle.
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  • November 19, 2015 at 11:51 am #283917
    linluo
    Member
    • Topics: 7
    • Replies: 3
    • ☆

    Dear Sir,

    This is new and it is hard to find any related questions to practise. Could you please help or advise how this standard could be used/implied in the questions? Also how likely it’ll be tested? With regards to IAS 11, do we still need to practise the relevant questions ie profit recognition based on revenue or cost, calculating the revenue, cost of sale, profit and asset due/to customers?

    Many thanks.

    Lin

    November 19, 2015 at 3:11 pm #283958
    MikeLittle
    Keymaster
    • Topics: 26
    • Replies: 22699
    • ☆☆☆☆☆

    Yes, you still need to be able to calculate revenue recognition, cost recognition and thus profit recognition

    IFRS 15 has added a new dimension to it

    As to how it can be asked …. struggling a bit there, sorry. Probably most likely as an mcq but there’s always a chance of a mixed contract where some is earned immediately with the rest to be spread over (say) 3 years of ongoing servicing

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