5-step Model for Revenue Recognition under IFRS 15 + Example + Journal entries

How to apply 5-step model? This example deals with the typical telecom contract where the customer gets free mobile phone if he signs up for 12-month plan of network services.
Journal entries included!
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#ifrs #IFRS15 #ifrsaccounting

[VictorFromCharleville]

The CLEAREST teacher of accounting in the world. God bless you, Madam.

[mansijain]

never seen sich a simplified video on a complicated topic. Thanks a lot. Learnt instantly from this. Way better than textbooks

[saudahmed]

Thanks for sharing your knowledge and expertise about IFRS 15. Having you as an instructor is a pleasure because you are very engaging and knowledgeable.

[RVinay-oyny]

Really such a crisp and wonderful explanation, Madam. Thank you so much once again😊

[adhilnasoordeen]

This one's really helpful. Thankyou

[saverykong]

Good afternoon Silvia!
Could you explain the amendment of IAS 12 ?

[sunilpinto]

It's a very clear example to understand revenue recognition, fantastic.

In between how we can take the revenue of hand-set for a year(How to justify it Life of hand set is ignored here) we can take network service for 24 months I.e 80×24 against hand set for 300?

can be explained?

Thanks

[VinodYadav-nnlj]

As always, Awesome content. Thank you so much.

[AbrasionUK]

Fantastic video. Very clear example. Subscribed

[GamingThunders]

Amazing video..but can you please clear my confusion with what will be the value of cost of sales and the inventory?

[darofylevol]

Thank you very much!
May I also know the journal entries at the contract starts. Why is it debit to contract asset but not cash?
how shall we put the double entries for receiving cash? is there a contract liabilities?

[jatinsaini]

cost of sales Dr
To Inventory.

The amount in this entry would be 300? or something else

[raghuramc]

On the contract asset, if we have a sale of goods in 2021 and receiving payment in 2023. Assuming interest of 10 % outside market. Do we need to record initial recognition as Dr Contract asset Cr sale or Dr Accounts receivable Cr Sale

[s.c.iimmograndest]

Is possible to recognise revenue in the case of an agreement for services, despite contract has been not yet signed? (but service is already provided)