Question: Bina Jaya Bhd is a property development company, whose main business is revolved around buying and selling properties. On 1 July 2020, Bina Jaya sold

Bina Jaya Bhd is a property development company, whose main business is revolved around buying and selling properties. On 1 July 2020, Bina Jaya sold a piece of land in Bandar Ainsdale for RM3,000,000 to Lagoona Bhd. The directors were keen on purchasing back the land from Lagoona, and 3 months later, the land was purchased with the amount of RM3,700,000.

Questions:

Discuss the accounting treatment for the sale and purchase of land by Bina Jaya in accordance with the provisions contained in IFRS 15, Revenue from contracts with Customers ?

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