🔎 Concept Check

1. Which of the following correctly reflects how revenue should be recognised under IFRS 15?

Statement 1: Revenue should be recognised as an entity satisfies a performance obligation.
Statement 2: Progress towards completion on a contract should be measured solely on an input basis.

A) Both statements are correct
B) Both statements are incorrect
C) Only Statement 1 is correct
D) Only Statement 2 is correct

📊 Application – Campbell Co

2. What revenue should be recognised in respect of Contract 1 in Campbell Co’s statement of profit or loss for the year ended 31 December 20X8?

➡️ Answer: $_____m

3. Which of the following items would NOT be recorded in the financial statements of Campbell Co for the year ended 31 December 20X8 in respect of Contract 2?

A) Revenue $0.2m
B) Cost of sales $0.2m
C) Contract asset $0.2m
D) Contract liability $0.2m

4. What revenue should be recognised in respect of Contract 3 in Campbell Co’s statement of profit or loss for the year ended 31 December 20X8?

A) $2.06m
B) $2.16m
C) $2.26m
D) $2.36m

leave your answers or questions in the comments. You can send explanations as well.

Later, I will try to explain the topic and the answers for the tests

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Муҳтарам EcoFin-i канал аъзолари,

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ёки

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EcoFin-i – Ислом иқтисодиёти ва молияси канали

Ushbu case bo'yicha savollarni ko'rib chiqsak.

Bu ham Financial reportingda muhim mavzulardan biri hisoblanadi❕

📘 IFRS 15 – Campbell Co (Correct Answers)
————————————————————

✅ Question 1 — Answer: C

- Revenue is recognised as performance obligations are satisfied ✔️
- Progress can be measured using input OR output methods, not only input ✘
————————————————————

✅ Question 2 — Answer: $6.3m

- Contract is 90% complete
- Total revenue = 90% × $9m = $8.1m (cumulative)
- $1.8m was recognised last year
- So, current year revenue = $8.1m – $1.8m = $6.3m
————————————————————

✅ Question 3 — Answer: D — Contract liability $0.2m

- When progress cannot be reliably measured, revenue is recognised to the extent of recoverable costs
- So $0.2m revenue and $0.2m cost of sales are recognised
- No invoice issued → contract asset, not liability
————————————————————

✅ Question 4 — Answer: C — $2.26m

- Revenue includes equipment + installation (point in time)
- After-sales support recognised over 12 months
- Only 6 months provided → $0.1m deferred
- Total revenue $2.36m – $0.1m = $2.26m recognised

🌐 ACCA Roadmap

📘 ACCA F7 – Revenue (IFRS 15) | Campbell Co Case

Bugungi videoda ACCA F7’da ko‘p tushadigan mavzulardan biri — REVENUE mavzusini sodda va tushunarli qilib ko‘rib chiqdik.

Videoda quyidagilarni tushuntirdim:

🔹 Revenue qachon tan olinadi? - 00:30
🔹 Performance obligation nima? - 01:24
🔹 Over time vs Point in time farqi - 03:13
🔹 Input va Output method qanday ishlaydi - 04:15
🔹 Contract asset va Contract liability farqi - 05:03

Keyin esa Campbell Co case savollari birma-bir ishlangan:

✅ 1 – Asosiy prinsip - 05:45
✅ 2 – % completion hisoblash - 06:40
✅ 3 – Recoverable cost va contract asset - 07:57
✅ 4 – Multiple performance obligations - 09:28

Videoni ko‘rib, savollaringiz bo‘lsa kommentda yozing.

Oxirgi savolda javobni aytgan qismim tushmay qolgan ekan🙈. Servis 0.2 mln.
6 oy bajarilgan:
0.2 × 6/12 = 0.1 mln tan olinadi.
Qolgan 0.1 mln keyingi davrga qoldiriladi.
2.36 – 0.1 = 2.26 mln

🌐 ACCA Roadmap

Hi, everyone

Regarding the topic that we were discussing, Revenue from contracts with customers, I want to share another case problem 🔖

Here is the case about Bailey.

Try to solve the following questions👇

🌐 ACCA Roadmap

1. What revenue should be recorded (to the nearest thousand) in relation to Contract 1?

$__________,000

4. Bailey’s assistant accountant is unsure how to deal with a brand new contract where the progress and overall profit cannot yet be ascertained.

Which of the statements below is/are true?

Statement 1 – Where the progress and overall profit are unknown, no contract asset or liability can be recognised.

Statement 2 – Where the progress and overall profit are unknown, revenue should be recognised to the level of recoverable costs.

5. Bailey’s assistant has also enquired about changing the way of measuring the progress of contracts.

Complete the following to show how the change should be applied:

As a change in accounting ____________, applied ____________.

Options: prospectively, retrospectively, estimate, policy.

leave your answers or questions in the comments. You can send explanations as well.

Javoblarni kommentlarda qoldiring. Yana shunday video tayyorlaymi, nima deysiz❓

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