Chapter 6, Problem 6.6BE

To determine

Contract:

Contract is a written document that creates legal enforcement for buying and selling the property. It is committed by the parties to performing their obligation and enforcing their rights.

The revenue recognition principle:

The revenue recognition principle refers to the revenue that should be recognized in the time period, when the performance obligation (sales or services) of the company is completed.

IFRS:

The International Financial Reporting Standards (IFRS) are issued to have a common language for business affairs globally, to ensure easy understanding and comparing the financial statements across the boundaries of the countries. These IFRS are issued by the IFRS Foundation and the International Accounting Standard Board.

To determine: The amount of recognized revenue under IFRS.