AC2101 S1 2014 Seminar 20 Revenue.pptx

Transaction price step 5 recognise revenue when a

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Unformatted text preview: requirements 8 4 Core Principle *  Recognise revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration which the entity expects to be entitled in exchange for those goods or services *  Steps to apply the core principle: *  Step 1: Identify the contract(s) with the customer *  Step 2: Identify the separate performance obligation(s) *  Step 3: Determine the transaction price *  Step 4: Allocate the transaction price *  Step 5: Recognise revenue when a performance obligation is satisfied 9 Step 1: Identify the contract(s) *  Goal: To identify the bundle of contractual rights and...
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This document was uploaded on 02/10/2014.

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