Concer Time is a newly established company that is trying to promote new musicians. The company organizes and holds concerts all over Pakistan annually during the winter/spring season. Financial year for the company starts on 1st of July. ConcerTime sells tickets for concerts as follows:

i) On day walk up single entry: Ticket prices are Rs 3,000/-. No return allowed

ii) Advance Purchase single entry: These tickets have to be purchased for a particular concert before the season starts and normally cost Rs 2,000/- . No refunds allowed.

iii) Annual pass: Allows entry to unlimited concerts and normally costs Rs 25,000/-. No refunds allowed

REQUIRED
What are the requirement of revenue recognition in accordance with IFRS 15? How should ConcerTime recognize for each the 3 types of revenue stream given above (make journal entries to aid your explanation)

Answer rating: 100% (QA)

ConcerTime is a newly established company that is trying t... View the full answer