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Revenue

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Revenue

  • This topic has 1 reply, 2 voices, and was last updated 8 years ago by MikeLittle.
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  • August 30, 2016 at 8:57 pm #336388
    nari
    Member
    • Topics: 261
    • Replies: 176
    • ☆☆☆

    Hello Mike

    I was thinking about a situation and I have a question. Its not directly related to F7 but I think you are the best person I should ask…..I hope you don’t mind.

    Here goes:
    In a situation where entity A sells shoes worth 100 in the last month (December) of their financial year and gives a discount voucher of 20 to the customers to be used within six months. How much revenue is recorded for that 1 pair of shoes, is it 100 or 80?

    I was thinking that it should be 100 since we don’t know exactly how many people would use the voucher but then I was also thinking to be prudent and not overstate revenue for that financial year we should use 80.

    August 31, 2016 at 7:27 am #336466
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23321
    • ☆☆☆☆☆

    Here’s a link:

    https://www.ey.com/Publication/vwLUAssets/Applying_IFRS_in_Retail_and_Consumer_Products:_The_new_revenue_recognition_standard_-_retail_and_consumer_products/$File/Applying-RCP-May2015.pdf

    Scroll down to paragraph 4.1 on page 8 (there’s much too much for me to start typing it all out!)

    Hope that helps – let me know if it doesn’t

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