IFRS 15 Revenue Recognition - ACCA Financial Accounting (FA)
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- เผยแพร่เมื่อ 30 ก.ค. 2024
- IFRS 15 Revenue Recognition - ACCA Financial Accounting (FA)
Accounting Conventions and Policies - ACCA Financial Accounting (FA)
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in a so lovely way explained. Thank you and greets from Germany!
Very useful, thanks
Hello thanks a lot for these videos
Excellent, very well explained
really useful
Thank you for the lecture!
thanks
Thank you for great lecture
Thankyou
Wow excellent!!!!!!
So when will the extra 100 recorded? After receipt from customer?
If the service was done in September 20, it simply means that invoice is supposed to be date and transaction accounted in September 20 as turnover not August. So it is possible you have received the inflow in August so just debit bank and credit deferred income in your financial position. So when the job is done say in September may be 70 percent,that is 35000usd, ie credit sales by usd 35000 and debit deferred income by usd 35000. So at the end of your reporting period, your financial position, deferred income liability acct will show usd 15000 while your finance by shows accumulated earning of usd 35000. Without factoring the effect of direct and indirect cost on sales. So your financial position still show a balanced position.
Character In the video It's great, I like it a lot $$
The best teacher ever ❤️
Need to understand full contact working means cost and revenue, if the contract is in $ and convert it into other currency...
This is not relevant for Paper FA. Everything is in $'s in this paper. Foreign currencies are examined in later examinations.
i would say for the financial discount ( early payment) company will not make the invoice by invoice analyze to include probable discount into sales invoice. Will do it on a monthly or even yearly base, like an accrual, by analyzing open position ( not collected invoice) and check with customer habits. Is so difficult to implement this in an ERP ( or other accounting software) .
This may well be the case (and depends on the size of the business). However the implementation is not relevant for Paper FA - it is the understanding of the IFRS that is examined.
@@opentuition I know :), anyway the old man is so explanatory, nice material. I really need it. More like this pls.
@@flrazvan Thanks for the comment (but I am not sure I like being referred to as an old man :-) :-) ). You can find lectures for the whole of this paper (and all the others) free of charge on our website.
@@opentuition Sorry, let me be more explicit: I would like to be like you when I'll become your age. In my native language has no offensive connotation.
@@flrazvan It is OK - I didn't take offence at all :-) :-)
Hello Sir, i do understand that the cell phone performance obligation has been satisfied, and the full amount of 214$ needs to be recognized. However, like the terms of the contract stated, the customer would pay only 50$ in the first month(i.e., less than 214$). My guess is, the company would immediately record 214$ under current asset on the day the phone was delivered, and then when the customer pays 50$ on a monthly basis, it would "move" 17.85$ (i.e. 35.7%*50$) from current asset, and record same as sales revenue. Am i correct? If no, kindly help me out
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What is the difference between cost in excess of billing and billing in excess of cost in contract accounting?
You'll get WIP in the first case and unearned income in the second
Please help me in these two questions
Qst:1
Invoice Issued in Aug-20 50000USD
Service provided in Sep-20 30000USD
How much revenue will be recognised in Aug-20 and Sep-20 and how much will be the working capital in Aug-20 and Sep-20
Second Qst :
Invoice Issued in Aug-20 50000USD
Service provided in Aug-20 30000USD
How much revenue and Working capital would be recognised in Aug-20
Kindly help me in it
is more about the service provided. till the moment of service effectively provided ( "performance obligation satisfied") , invoice will generate only prepayment liability (or advance collected). So WK impact will be 0 till service is provided.
If the invoice is not collected..