College aantekeningen
Lecture notes Financial accounting (Fiac6211) Introduction to IFRS
- Vak
- Instelling
- Boek
This is a detailed summary of the revenue chapter for the introduction to ifrs book
[Meer zien]Voorbeeld 1 van de 3 pagina's
Voorbeeld 1 van de 3 pagina's
In winkelwagen
In winkelwagen
gesponsord bericht van onze partner
Gekoppeld boek
Titel boek:
Auteur(s):
- Uitgave:
- ISBN:
- Druk:
Meer samenvattingen voor studieboek
-
FAC2601 Assignment 2 (ANSWERS) Semester 1 2024 - DISTINCTION GUARANTEED.
-
Lecture notes Financial accounting (Fiac6211) Introduction to IFRS
-
FAC2601 Lecture videos
Verkoper
Volgen
sumeshanharilal
Voorbeeld van de inhoud
5.1. Step 1: Identify the contractA contract is an agreement between two or more parties that creates enforceable rights and
obligations.
A customer is a party that has contracted with an entity to obtain goods or services that are an output
of the entity’s ordinary activities in exchange for consideration
Contract criteria
A contract with a customer can be written, oral or implied but must meet the following criteria in order
to be a contract within the scope of IFRS 15:
the parties have approved the contract and are committed to perform;
the entity can identify each party’s rights regarding the goods or services to be transferred;
the entity can identify the payment terms of those goods or services to be transferred;
Revenue from contracts with customers
the contract has commercial substance (i.e. the risk, timing or amount of the entity’s future
cash flows is expected to change as a result of the contract); and
it is probable that the entity will collect the consideration.
5.2. Step 2: Identify the performance obligations
At inception of the contract, an entity shall assess the goods or services promised in the contract, and
shall identify the performance obligations.
A performance obligation performance obligation performance obligation is a promise, in a contract
with a customer, to transfer to the customer either:
- a good or service (or bundle thereof) that is distinct; or
- a series of distinct goods or services that are substantially the same and that have the same
pattern of transfer to the customer.
5.2.1 Distinct goods and services
A promise to deliver a good or service in terms of a contract, is a performance obligation
when the good or service is distinct. The term distinct means:
The customer can benefit The entity’s promise to transfer
from the good the good
or service either on its own or or service to the customer is
together AND separately
with other resources that are identifiable from other promises
readily in the
available to the customer. contract.
(The goods or services are (The goods or services are
A customer can benefit from a good or service if the good or service can be used, consumed or sold in
order to generate economic benefits for the customer. Sometimes a customer can only use or consume
a good or service in conjunction with other readily available resources. A readily available resource is a
good or service that is sold separately by the entity or other entities or is a resource that the customer
has already obtained from the entity or from other transactions or events. If an entity regularly sells a
good or service separately, this would indicate that a customer can benefit from the good or service on
its own or with other readily available resources.
5.3. Step3: Determine the transaction price
The transaction price transaction price transaction price is the amount of consideration to which an
entity expects to be entitled in exchange for transferring promised goods or services to a customer,
excluding amounts collected on behalf of third parties.
Voordelen van het kopen van samenvattingen bij Stuvia op een rij:
Verzekerd van kwaliteit door reviews
Stuvia-klanten hebben meer dan 700.000 samenvattingen beoordeeld. Zo weet je zeker dat je de beste documenten koopt!
Snel en makkelijk kopen
Je betaalt supersnel en eenmalig met iDeal, creditcard of Stuvia-tegoed voor de samenvatting. Zonder lidmaatschap.
Focus op de essentie
Samenvattingen worden geschreven voor en door anderen. Daarom zijn de samenvattingen altijd betrouwbaar en actueel. Zo kom je snel tot de kern!
Veelgestelde vragen
Wat krijg ik als ik dit document koop?
Je krijgt een PDF, die direct beschikbaar is na je aankoop. Het gekochte document is altijd, overal en oneindig toegankelijk via je profiel.
Tevredenheidsgarantie: hoe werkt dat?
Onze tevredenheidsgarantie zorgt ervoor dat je altijd een studiedocument vindt dat goed bij je past. Je vult een formulier in en onze klantenservice regelt de rest.
Van wie koop ik deze samenvatting?
Stuvia is een marktplaats, je koop dit document dus niet van ons, maar van verkoper sumeshanharilal. Stuvia faciliteert de betaling aan de verkoper.
Zit ik meteen vast aan een abonnement?
Nee, je koopt alleen deze samenvatting voor €4,03. Je zit daarna nergens aan vast.
Is Stuvia te vertrouwen?
4,6 sterren op Google & Trustpilot (+1000 reviews)
Afgelopen 30 dagen zijn er 77254 samenvattingen verkocht
Opgericht in 2010, al 14 jaar dé plek om samenvattingen te kopen