IFRS/MFRS 15

When do companies need to (mandatorily) begin applying IFRS 15?

• 31 December 2015

• 1 January 2016

• 1 January 2018

• 31 December 2023

What is step no. 3 of 5 step Revenue Recognition model of IFRS15?

• Identify PO(s) in the contract

• Allocate TP to PO in the contract

• Recognise the revenue

• Determine the TP

Which of the following are not true about POs in a contract with a customer?

• It is a Pricing Obligation

• It is a promise from a seller to deliver goods to a customer

• It can be distinct goods or services

• It is a Performance Obligation

Based on IFRS15, what is the amount of revenue that should be allocated to the sale of a pair of hiking shoes?

• CU100

• CU83

• CU120

• None

Which of the following is not how we can recognise revenue from contracts with customers?

• Over time

• Upon signing the contract

• At a point in time

• Upon the satisfaction of POs