Accounting · IFRS 15 Revenue from Contracts with Customers
Mighty IT Co enters into a combined goods and services contract that includes a supply and installation service and a separate two-year technical support service. In accordance with IFRS 15 Revenue from Contracts with Customers, when should revenue be recognised for each component?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Supply and installation: On installation; Technical support: Over two years✓
- 2Supply and installation: On installation; Technical support: When payment is made
- 3Supply and installation: When payment is made; Technical support: Over two years
- 4Supply and installation: On installation; Technical support: On installation
Correct answer
Supply and installation: On installation; Technical support: Over two years
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