Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. you are the chief finance officer for your company

You are The Chief Finance Officer for your company Blue Label Inc. and a Fellow...

80.2K

Verified Solution

Question

Accounting

  1. You are The Chief Finance Officer for your company Blue Label Inc. and a Fellow of the local accountancy body, The Zambia Institute of Chartered Accountants (ZICA). You have just received an invitation from ZICA requesting you to be one of the presenters at a workshop organized by the institute to fulfill its mandate of enhancing professional competence in its members amid many new standards that have evolved in the recent past. Your specific role will be to talk about the evolution of IFRS 15 Revenue from Contracts with Customers. The workshop organizer has asked you to send your presentation beforehand for review by a relevant official.

Required:

Write briefing notes to the organizer that explain the following in relation to IFRS 15 Revenue from Contracts with Customers:

  1. The five step revenue recognition criteria (using simple illustrations as far as possible)

  1. Recognition and measurement requirements for:

  1. sale and repurchase arrangements;
  2. Consignment inventory and
  3. Bill and hold arrangements (use simple illustrations as far as possible).

(20 marks)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Use the angle conversion capabilities of a graphing utility to convert the angle measure to...

Calculus
Q

A statistical program is recommended. The owner of a movie theater company would like to predict weekly...

Statistics
Q

What evidence in the highlighted passage from Section 15 suggests Brutus does NOT want Caesar's...

Biology
Q

Select the statements that are correct.The scientific name of an organism includes the order and...

Biology
Q

L If an electromagnetic wave of frequency 5 MHz travels from vacuum into a dielectric...

Physics
Q

A plate of mass m and cross sectional area A is moved through a room...

Physics
Q

7 vrednu b 0 1 O 2 3 4 U B A

Basic Math
Q

An automobile manufacturing plant produced 36 vehicles today: 17 were vans, 13 were trucks, and...

Basic Math
Q

A T shirt manufacturer is planning to expand its workforce It estimates that the number...

Calculus
Q

Question 3 [30 points) Use the Courtland Corp financial statements and supplementary information given below...

Accounting
Q

Empirical studies testing S corporation premiums have revealed the following results: Choices: A) 12% to...

Accounting
Q

Suppose a company has $1 billion in assets and earns an ROA of 20%. The...

Finance