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P2-D2.
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kripadhor96
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please explain this exmple 5 of Revenue chapter IFRS 15
Recognise revenue as each performance obligation is satisfied
• Handset (goods) = at *
• Calls and data (services) = over 12 months
*at what should handset be recognized?kripadhor96
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I want to know the journal entries also of the above question.
P2-D2
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Hi,
We would recognise a receivable (debit) at the point of sale of the handset and recognise revenue (credit).
For the services we recognise a receivable (debit) and deferred revenue (credit) when we enter the contract and then we release this over the 12 months.
Thanks
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