13.1 List the accounting standards superseded by IFRS 15.
13.2 What led to the development of IFRS 15?
13.3 What is the purpose of IFRS 15?
13.4 IFRS 15 will be used to account for revenue from contracts with customers when interest and fee income integral to financial instruments are involved. Do you agree or disagree?
13.5 ........… is income attributable to an entity’s operational activities.
13.6 In a contract between two parties, there is a contractor and ……….
13.7 ……… results into enforceable rights and obligations.
13.8 After a business entity provides the goods or services to a buyer based on the contract agreement, the buyer obtains the goods or services and pays …….. for them.
13.9 Based on IFRS 15, a customer is not someone who shares the risks and rewards emanating from an activity, notwithstanding that the customer and contractor have entered into an agreement to engage in the activity. Do you agree or disagree?
13.10 According to IASB (2014, IFRS 15), revenue is not recognised until the goods or
services that were promised by the supplier (or contractor) are …….. to the customer.
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