Question: IFRS Revenue Recognition under the Completed Contract method: The product and services were delivered September 30th and invoice will be issued September 30th. The payment

IFRS Revenue Recognition under the Completed Contract method:

The product and services were delivered September 30th and invoice will be issued September 30th. The payment won't be received until November 30th. The contract states that the title passes onto the customer upon full payment. Under IFRS, would revenue be recognized in September or November under the completed contract method? Please explain why.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

As a member of Analysts Incorporated consulting firm, you have carefully collected data on a manufacturing firm's output, capital and labor. The data are in the spreadsheet below. You believe the...

Revenue Recognition under the Completed Contract method: The product and services were delivered September 30th and invoice will be issued September 30th. The payment won't be received until November...

IFRS Revenue Recognition the Percentage of Completion cost to cost method: The product delivered September 30th and won't be paid in full by the customer until October 30th. The contract states that...

The product and services were delivered September 30th and invoice will be issued October 30th. The payment from the customer won't be received until November 30th. The contract states that the title...

The product and services were delivered September30th and invoice will be issued October 30th. The payment from the customer won't be received until November 30th. The contract states that the title...

The product and services were delivered on September 30th and an invoice will be issued on September 30th. The payment won't be received until November 30th. The contract states that the title passes...

Write the best answer for each question in the space provided: 1. Stayman Associates has sold a product to a customer and wants to recognize revenue. Which of the following is an indicator that...

1. Has your company issued any long-term bonds or notes in the most recent year? If so, read the note related to long-term debt, identify one of the bonds or notes and list any special features...

1. You are currently working on a contract for one of your clients, MAC Co. Consistent with your other clients, you have decided to account for the contract using the percentage of completion method....

I need Answers for Exercise 18-4B, 18-8B, 15-15B, 18-21 B and 18-26B from the attached document Kieso, Intermediate Accounting, 2014 FASB Update, Chapter 18 EXERCISES: Set B 3 5 E18-1B (Sales with...

Refer to the article in theassignment folder and answer the following question: In their evaluation of the IAS 15Standard titled ?Revenue from Contracts with Customers?, Bioni et al (2012)made the...

Assuming the same facts in question DEP 1, assume that Turtle also purchased the following personal property items in 2020: 7 year class assets of $300,000 in May 2020 and 5 year class assets of...

Suppose the annual employer 401(k) cost per participant is normally distributed with a standard deviation of $625, but the mean is unknown. a. If 73.89% of such costs are greater than $1,700, what is...

In the double-reduction gear train shown, shaft a is driven by a motor attached by a flexible coupling attached to the overhang. The motor provides a torque of 2500 lbf in at a speed of 1200 rpm. The...

Q1 Q2 Q3 Tuple is a sequence of immutable python objects. This means that it can be changed after assignment. The items do not have to be of the same type. True False >>> a = 2 + 20 >>>print('The...