In each of the following situations, state at which date/s, if any, revenue will be recognised:
1. A contract for the rendering of services is entered into on 1 May 2014. The services are delivered on 15 May 2014. The buyer pays for the services on 30 May 2014.
2. A contract for the rendering of services is entered into on 1 May 2014. The services are delivered continuously over a 1-year period commencing on 15 May 2014. The buyer pays for all the services on 30 May 2014.
3. A contract for the rendering of services is entered into on 1 May 2014. The services are delivered continuously over a 1-year period commencing on 15 May 2014. The buyer pays for the services on a monthly basis, commencing on 15 May 2014.
4. Company A is an insurance agent and provides insurance advisory services to Customer B. Company A receives a commission from Insurance Company I when Company A places Customer B's insurance policy with Insurance Company I, on 1 April 2014. Company A has no further obligation to provide services to Customer B.
5. Company A is an insurance agent and provides insurance advisory services to Customer B. Company A receives a commission from Insurance Company I when Company A places Customer B's insurance policy with Insurance Company I, on 1 April 2014. Company A is required to provide ongoing services to Customer B until 1 April 2015. Additional amounts are charged for these services. All amounts are at market rates.
6. Company A receives a non-refundable upfront fee from Customer B for investment advice, on 1 March 2014. Under the agreement with Customer B Company A must provide ongoing management services until 1 March 2015. An additional amount is charged for these services. The upfront fee is higher than the market rate for equivalent initial investment advice services.