International GAAP 2021

Chapter 30Revenue: recognition

• 1 INTRODUCTION
• 2 PERFORMANCE OBLIGATIONS SATISFIED OVER TIME
  • 2.1 Customer simultaneously receives and consumes benefits as the entity performs
    • 2.1.1 Evaluating whether a customer simultaneously receives and consumes the benefits of a commodity as the entity performs
  • 2.2 Customer controls the asset as it is created or enhanced
    • 2.2.1 Evaluating a customer’s right to sell (or pledge) a right to obtain an asset when determining whether the customer controls the asset as it is created or enhanced
  • 2.3 Asset with no alternative use and right to payment
    • 2.3.1 No alternative use
      • 2.3.1.A What to consider when assessing whether performance creates an asset with no alternative use
    • 2.3.2 Enforceable right to payment for performance completed to date
      • 2.3.2.A Determining whether an entity has an enforceable right to payment
      • 2.3.2.B Enforceable right to payment: does an entity need a present unconditional right to payment?
      • 2.3.2.C Enforceable right to payment: non-refundable upfront payments that represent the full transaction price
      • 2.3.2.D Determining whether an entity has an enforceable right to payment for a contract priced at a loss
      • 2.3.2.E Enforceable right to payment determination when not entitled to a reasonable profit margin on standard inventory materials purchased, but not yet used
      • 2.3.2.F Considerations when assessing the over-time criteria for the sale of a real estate unit
      • 2.3.2.G Enforceable right to payment: contemplating consideration ...