Page 47 - SBR Integrated Workbook STUDENT S18-J19
P. 47

Revenue






                           Revenue recognition




               1.1   A five step process




                                                         Step 1

                                                  Identify the contract





                                                         Step 2

                                     Identify the separate performance obligations






                                                         Step 3

                                            Determine the transaction price





                                                         Step 4


                             Allocate the transaction price to the performance obligations





                                                         Step 5

                                    Recognise revenue as or when a performance
                                                 obligation is satisfied








                                                                                                       41
   42   43   44   45   46   47   48   49   50   51   52