Page 180 - F2 Integrated Workbook STUDENT 2019

Chapter 7

1.6 Step 5: Recognise revenue as or when a performance obligation is
satisfied

Recognise

revenue if

performance

obligations are:

Satisfied
Satisfied
AT A POINT IN
OVER TIME
TIME

If one of the following occurs:
When the customer
obtains CONTROL
 Simultaneous receipt and
consumption of benefit by
of the asset
customer

 Creation or enhancement
of a controlled asset

 Creation of an asset

without an alternative use

and can demand payment.

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