Page 6 - How to prepare for IFRS 15_V3_JW_2
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5 Step Model of Revenue Recognition in IFRS 15 & ASC 606 under an operative accounting view
Step 1
Identify the contract with the customer
Step 2
Identify the separate performance obligations in the contract
Step 3
Determine the transaction price
Step 4
Allocate the transaction price to the separate performance obligations in the contract
Step 5
Recognize revenue when (or as) a performance obligation is satisfied.
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