MC 7.116 In deciding about financing using receivables under IFRS
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
The ask about IFRS for secured borrowing vs a sale, the important element is what?
The ask about IFRS for secured borrowing vs a sale, the important element is what?
They tell you company sells used videogames and has a one-week return right. Asks how to recognize the liability.
Suppose a contract for sale of goods states payment is to be made 4 months after delivery. Seller’s action, with respect to the time value of money over the life of the contract?
Contracts which include more than one performance obligation:
Which is not indicator the customer is likely to have control for a good?
Which is not a performance obligation?
When goods or services are provided to customers, companies acknowledge revenue for the amount they anticipate receiving in exchange for them.
In accounting, companies recognize revenue upon transferring goods or services to customers and are recorded at the expected amount of consideration to be received.
One of the five steps involved in applying the core revenue recognition principle is to assess the probability of the seller collecting the entitled consideration.
To provide clarity on revenue recognition guidelines, the FASB released Staff Accounting Bulletin No. 101.