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IFRS 15 Revenue – Variable Consideration

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › IFRS 15 Revenue – Variable Consideration

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Stephen Widberg.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • May 19, 2021 at 3:22 pm #621062
    mmkhan7
    Member
    • Topics: 12
    • Replies: 2
    • ☆

    Hi,

    Hope you are doing well.

    I need some clarification on variable consideration when determining the transaction price and would kindly like you to help me.

    The standard states:

    “An entity shall include in the transaction price some or all of an amount of variable consideration only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved.”

    Can you please explain in simple terms what is meant by “a significant reversal in the amount of cumulative revenue recognized”?

    I’d appreciate it if you provide an example as well.

    Thanks

    May 19, 2021 at 3:41 pm #621063
    Stephen Widberg
    Keymaster
    • Topics: 11
    • Replies: 2837
    • ☆☆☆☆☆

    Contract for 100 with 10% bonus if you complete on time.

    Half way through contract.

    Recognise 50% of 100.

    Also recognise 50% of 10 if it is VERY VERY LIKELY that you will complete on time.

    Best I can do 🙂

  • Author
    Posts
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