Page 151 - FR Integrated Workbook 2018-19

Revenue

Revenue recognition

1.1 A five step process – COPAR!

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

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