Page 169 - F2 Integrated Workbook STUDENT 2019
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Revenue from contracts with customers
Example 7.1
Brayden Co makes a sale of a computer on 1 March 20X1 for $750,000. This
price includes $75,000 for three years after sales servicing. The goods have
been despatched, delivered and the full amount has been received from the
customer.
The reporting date is 31 December 20X1.
Required:
Apply the 5 step of revenue recognition, per IFRS 15, to determine the
amount of revenue that should be recognised in the year ended 31
December 20X1 in respect of the above transaction. State your answer to
the nearest $.
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