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Unit 3 - Revenue (Overview of AASB 15 (LO1) (Core principle (CSG 3-4),…
Unit 3 - Revenue
Overview of AASB 15 (LO1)
Core principle (CSG 3-4)
Five-step revenue model (CSG 3-4)
Accrual vs cash accounting (CSG 3-1)
Income vs revenue (CSG 3-2)
Step 3 - Determine the transaction price (LO1)
Variable consideration (CSG 3-18)
Expected value (CSG 3-19)
Most likely amount (CSG 3-19)
Constraining estimates (CSG 3-20)
Significant financing component (CSG 3-23)
Non-cash consideration (CSG 3-24)
Consideration payable to customer (CSG 3-24)
Step 4 - Allocate the transaction price (LO1)
Stand-alone selling price (CSG 3-26)
Allocation of a discount (CSG 3-28)
Allocation of variable consideration (CSG 3-28)
Step 1 - Identify the contract(s) with a customer (LO1)
Identifying the contract (CSG 3-7)
Considering potential combination of contracts (CSG 3-9)
Step 5 - Recognise revenue when a performance obligation is satisfied (LO1)
Over time or at a specific point (CSG 3-30)
Measuring progress to contract satisfaction (CSG 3-33)
Step 2 - Identify the separate performance obligations (LO1)
Distinct goods/services (CSG 3-12)
Disclosure, transitional requirements (CSG 3-33)