IFRS 15 Revenue Recognition. Step 5 Recognizing Revenue

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Farhat Lectures. The # 1 CPA & Accounting Courses

Farhat Lectures. The # 1 CPA & Accounting Courses

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@XanRussell
@XanRussell 2 жыл бұрын
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@AccountingLectures
@AccountingLectures 2 жыл бұрын
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@aaroacademy 2 жыл бұрын
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@AccountingLectures 2 жыл бұрын
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@jordanchang1
@jordanchang1 2 жыл бұрын
Hi, nice explanation you have there. From there, I'd like to connect it to my work as accountant in school. Suppose that a student enrolled for a semester from January - June 20X1. The contract said that the student has to pay in the beginning of each semester a non-refundable 10 CU for administration fee, and 20 CU for the activity fee at the end of each month. So, based on IFRS 15 step 5, is it correct that: at the beginning of semester I can recognize dr trade receivables & cr revenue of 10 CU (ignore the cash payment), and I can recognise the activity fee dr trade receivables & cr revenue 20 CU at the end of each month after the teaching service has been performed, right? Thus, recognizing the whole activity fee 120 CU at the beginning of enrollment would be wrong right?
@1La2La3La4La
@1La2La3La4La 2 жыл бұрын
FALSE 9:00 - CORRECT : Asset created has no ‘alternate use’ to entity AND entity has enforceable right to payment. You said,'' it does not have to be both''. Well, actually according to the IFRS 15, it does. Step 5 of the Model of the IFRS 15 -Period of time- Third Criterion.
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