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4 Cards in this Set
- Front
- Back
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What are the 5 steps for revenue recognition under IFRS? |
1 Identify the contract (9) 2 Identify the separate performance obligations (22 27) 3 Determine the transaction price (47) 4 Allocate the transaction price to separate performance obligations (74, 77-79) 5 Recognize revenue when each PO is satisfied (31) |
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What is the definition of PPE? And what is it measured at? |
1 held for use in the production or supply of g/s 2 acquired with intention of being used on continuous basis; and 3 not intended for sale in ordinary business Measured at cost |
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What is the definition and measurement for inventories? |
Inventories are assets: -held for sale; -in production process for sale; or -materials/supplies to be consumed Measured at lower of cost and NRV |
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What is the definition and recognition criteria for an intangible asset? |
Definition: -identifiable -control -future economic benefit Recognition: -probable that expected future benefit flow to entity; and -costs can be reliably measured *if criteria met = capitalized, if not expense |
