After successful completion of this course you will:
- decide if the item of income is in the scope of the 15 standard
- understand the AASB standard’s 5 step approach
- identify the contract with the customer, including situations of contract combination and contract modification
- Be able to make distinctions between performance obligations
- determine the transaction price by understanding the complexities including the effects of variable consideration, significant financing component, non-cash consideration, variable consideration, etc.
- allocate the transaction price
- define the revenue recognition pattern at a point in time or over time