Five-Step Model – Knowsia

CR – May 2017 – L3 – Q7a – Revenue Recognition (IFRS 15)

Itemize and discuss the five-step model for revenue recognition under IFRS 15.

Question

Megida hopes to obtain contracts from both the private and public sectors following the new government economic initiatives. The company’s revenue had always been accounted for in line with IAS 18, as the company had adopted IFRS. Some directors of Megida understand that with the introduction of IFRS 15: Revenue from Contracts, the way revenue from contracts is recognized may change. In particular, one of them who attended an IFRS training organized by the Institute of Chartered Accountants of Nigeria (ICAN) heard about IFRS 15 and its five-step model for revenue recognition but did not understand.

Required:
Itemize and briefly discuss the FIVE-step model approach to revenue recognition under IFRS 15. (9 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contracts, Five-Step Model, IFRS 15, Revenue, Revenue Recognition
Level: Level 3

Topic: Revenue Recognition (IFRS 15)

FR – Nov 2019 – L2 – Q6a – Revenue from Contracts with Customers (IFRS 15)

Identify and explain the five-step model for recognizing revenue from contracts under IFRS 15.

Question

IFRS 15 on revenue from contracts with customers was issued for the purpose of ensuring that revenue is properly accounted for, better than what we have under IAS 18 and IAS 11.

Required:

i. Identify the FIVE-step model that needs to be followed by entities when recognizing revenue from contracts under IFRS 15.

ii. Explain how IFRS 15 is expected to improve the financial reporting of revenue.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Five-Step Model, IFRS 15, Revenue Recognition
Level: Level 2

Topic: Revenue from Contracts with Customers (IFRS 15)
Series: NOV 2019

CR – May 2017 – L3 – Q7a – Revenue Recognition (IFRS 15)

Itemize and discuss the five-step model for revenue recognition under IFRS 15.

Question

Required:
Itemize and briefly discuss the FIVE-step model approach to revenue recognition under IFRS 15. (9 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contracts, Five-Step Model, IFRS 15, Revenue, Revenue Recognition
Level: Level 3

Topic: Revenue Recognition (IFRS 15)

FR – Nov 2019 – L2 – Q6a – Revenue from Contracts with Customers (IFRS 15)

Identify and explain the five-step model for recognizing revenue from contracts under IFRS 15.

Question

IFRS 15 on revenue from contracts with customers was issued for the purpose of ensuring that revenue is properly accounted for, better than what we have under IAS 18 and IAS 11.

Required:

i. Identify the FIVE-step model that needs to be followed by entities when recognizing revenue from contracts under IFRS 15.

ii. Explain how IFRS 15 is expected to improve the financial reporting of revenue.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Five-Step Model, IFRS 15, Revenue Recognition
Level: Level 2

Topic: Revenue from Contracts with Customers (IFRS 15)
Series: NOV 2019

Question Tag: Five-Step Model

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

CR – May 2017 – L3 – Q7a – Revenue Recognition (IFRS 15)

Itemize and discuss the five-step model for revenue recognition under IFRS 15.

FR – Nov 2019 – L2 – Q6a – Revenue from Contracts with Customers (IFRS 15)

Identify and explain the five-step model for recognizing revenue from contracts under IFRS 15.

CR – May 2017 – L3 – Q7a – Revenue Recognition (IFRS 15)

Itemize and discuss the five-step model for revenue recognition under IFRS 15.

FR – Nov 2019 – L2 – Q6a – Revenue from Contracts with Customers (IFRS 15)

Identify and explain the five-step model for recognizing revenue from contracts under IFRS 15.

Our offerings

Contact Info

Customer

Get In Touch

Question Tag: Five-Step Model

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

CR – May 2017 – L3 – Q7a – Revenue Recognition (IFRS 15)

Itemize and discuss the five-step model for revenue recognition under IFRS 15.

You're reporting an error for "CR – May 2017 – L3 – Q7a – Revenue Recognition (IFRS 15)"

FR – Nov 2019 – L2 – Q6a – Revenue from Contracts with Customers (IFRS 15)

Identify and explain the five-step model for recognizing revenue from contracts under IFRS 15.

You're reporting an error for "FR – Nov 2019 – L2 – Q6a – Revenue from Contracts with Customers (IFRS 15)"

CR – May 2017 – L3 – Q7a – Revenue Recognition (IFRS 15)

Itemize and discuss the five-step model for revenue recognition under IFRS 15.

You're reporting an error for "CR – May 2017 – L3 – Q7a – Revenue Recognition (IFRS 15)"

FR – Nov 2019 – L2 – Q6a – Revenue from Contracts with Customers (IFRS 15)

Identify and explain the five-step model for recognizing revenue from contracts under IFRS 15.

You're reporting an error for "FR – Nov 2019 – L2 – Q6a – Revenue from Contracts with Customers (IFRS 15)"

Our offerings

Contact Info

Customer

Get In Touch

admin