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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
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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