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Hi 🙂 I’d like to know how to deal with audit risk regarding this matter (June 2015 answer uses IAS 18 instead of IFRS 15)
” ted’s co give license holders exclusive rights to sell products in that country….license last for an average of 5 years… the income received from sale of license is deferred over period of licence. As at year end the total deferred income recognized is 18mil. ”
If the income is certain and is earned on an annual basis, I suggest that the amount that is confirmed as earned each year should be recognised in that year
OK?
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