Under PFRS 15, which of the following factors indicates that the revenue from contracts with customers is recognized from the moment the entity satisfies the performance obligation at a point in time? When the entity has transferred physical possession of the asset to the customer.When the customer simultaneously receives and consumes all the benefits provided by the entity as the entity performs.When the entity’s performance does not create an asset with an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date.When the entity’s performance creates or enhances an asset that the customer controls as the asset is created.

Under IFRS 15 A performance obligation is on the seller or service provider who has an obligation…

Answered: Under PFRS 15, which of the following…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Under PFRS 15, which of the following factors indicates that the revenue from contracts with customers is recognized from the moment the entity satisfies the performance obligation at a point in time?

When the entity has transferred physical possession of the asset to the customer.

When the customer simultaneously receives and consumes all the benefits provided by the entity as the entity performs.

When the entity’s performance does not create an asset with an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date.

When the entity’s performance creates or enhances an asset that the customer controls as the asset is created.

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