Seeing your videos everyday it's motivating..ty I need to get on track
@AccountingLectures2 жыл бұрын
Most welcome. Please connect with me: linktr.ee/farhatlectures
@aaroacademy2 жыл бұрын
Thank you so much. Amazing content and delivery.
@AccountingLectures2 жыл бұрын
Thank you and please visit the website for more farhatlectures.com/
@jordanchang12 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?
@1La2La3La4La2 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.