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Revenue revisited part 2

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › Revenue revisited part 2

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Stephen Widberg.
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  • June 27, 2021 at 3:26 pm #626479
    Noah098
    Member
    • Topics: 935
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    “In the case of the transfer of non-financial assets that are not an output of an entity’s ordinary activities, it is now required that an entity applies IFRS 15 in order to determine when to derecognise the asset and to determine the gain or loss on derecognition. This is because these transactions are more like transfers of assets to customers, rather than other asset disposals.”

    It feels odd asking this, but does the above line means that disposal of tangible assets will now fall under IFRS 15 sir?

    June 27, 2021 at 3:32 pm #626481
    Stephen Widberg
    Keymaster
    • Topics: 11
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    For theoretical answers

    https://www.pwc.com/gx/en/services/audit-assurance/assets/revenue-from-contracts-with-customers.pdf

    This service is to assist students struggling with understanding our notes or recent past exam questions.

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