MFRS 15 Revenue from Contract with Customers sets out a five-step model, which applies to revenue earned from a contract with a customer with limited exceptions, regardless of the type of revenue transaction or the industry. Required: State three (3) information that must be disclosed by an entity that will enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flow arising from contracts with customers. Please give explanation with example
MFRS 15 Revenue from Contract with Customers sets out a five-step model, which applies to revenue earned from a contract with a customer with limited exceptions, regardless of the type of revenue transaction or the industry. Required: State three (3) information that must be disclosed by an entity that will enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flow arising from contracts with customers. Please give explanation with example
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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MFRS 15 Revenue from Contract with Customers sets out a five-step model, which
applies to revenue earned from a contract with a customer with limited exceptions,
regardless of the type of revenue transaction or the industry.
Required:
State three (3) information that must be disclosed by an entity that will enable users
of financial statements to understand the nature, amount, timing and uncertainty of
revenue and
Please give explanation with example
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