The Strait Pirates hockey team sells season ticket packages for their regular hockey season. The season ticket packages are non-refundable and are for 20 regular season games from November 2018 to March 2019. Each season ticket package is sold for $200 and all packages were sold in September 2018.

Required: When would the Strait Pirates recognize this revenue on season ticket sales?

 

Explain your response using the IFRS 15 Five Step revenue recognition process . List each step and explain how it will be specifically applied by Strait Pirates for this transaction.

Answer rating: 100% (QA)

The IFRS 15 revenue recognition process involves five steps and lets apply these steps to the Strait ... View the full answer