Hello!
In the revision lecture there was a sentence that we should recognise revenue, costs and profit based on stage of completion.
I couldn`t find anything about such recognition of costs in IFRS 15. Could you please, advice the point in IFRS 15?
Regards
ACCA Forums
FRRevenue, costs and profit based ob stage of completion recognition
Depends on contract in question. You should attempt to recognise performance obligations within the contract and then recognise revenue as these obligations are fulfilled. The above is just two aspects of IFRS 15. If you wish to ask the tutor something directly about above question please use the ask the tutor forum. Hope this helps.
https://opentuition.com/forum/ask-acca-tutor-forums/ask-the-tutor-acca-financial-reporting-fr-exams/
Thank you!
You are welcome.
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