Accounting · IFRS 15 Revenue from Contracts with Customers
Repro Co, a company that sells photocopying equipment, has prepared its draft financial statements for the year ended 30 September 20X4. Which of the following transactions has been correctly included in revenue according to IFRS 15 'Revenue from Contracts with Customers'?
- 1Sales of $200,000 on 1 October 20X3 to an established customer which will be paid in full on 30 September 20X5. Repro Co has a cost of capital of 10%.
- 2Sales of $150,000 on 30 September 20X4. The amount invoiced and received was $180,000, which included $30,000 for ongoing servicing work to be done by Repro Co over the next two years.✓
- 3Sale proceeds of $20,000 for motor vehicles which were no longer required by Repro Co.
- 4Agency sales of $250,000 on which Repro Co is entitled to a commission.
Correct answer
Sales of $150,000 on 30 September 20X4. The amount invoiced and received was $180,000, which included $30,000 for ongoing servicing work to be done by Repro Co over the next two years.
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