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IFRS 15 Revenue - Coggle Diagram

- - - - When goods are transferred to Consignee
        
        No accounting treatment required
      - When goods are sold by Consignee
        
        Recognise revenue
        
        Recognise cost of sales
        
        Expense off commission
    - - When goods are transferred from Consigner
        
        No accounting treatment required
      - When goods are sold
        
        Recognise commission as revenue
  - - - Recognise cost of sales
      - Recognise estimation of sales return (Dr Revenue, Cr Liability)
      - Recognise revenue
      - Recognise estimation of cost of sales return (Dr Asset, Cr COGS)
    - - Derecognise Dr Asset
      - Derecognise Cr Liability
  - - - Recognition
        
        Recognise commission as revenue
      - Criteria
        
        Arrange the transfer of goods
    - - Recognition
        
        Recognise revenue
        
        Recognise cost of sales
        
        Expense off commission
      - Criteria
        
        Bear inventory risk
        
        Has discretion to set price
        
        Responsible to fulfil promise
  - - - Will be recorded as a liability (deferred income) as there exists an obligation to deliver the goods to the customer
    - - Obligation has been discharged, therefore liability (deferred income) can be derecognised
      - Revenue can be recognised
    - - Deposit can be recognised as revenue
      - Obligation has been discharged, therefore liability (deferred income) can be derecognised
- - - - Weighted expected value
      - Most likely amount
  - - - Has own market
      - Has standalone selling price
  - - - Entity enhance asset
      - Not create alternative use and has enforceable right to payment
      - Customer receive and consume benefits over time
    - - If not meet over time criteria