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2023 CFA Level I Exam: Learning Outcome Statements
ContentIAS 18 — Sales of real estateJoint IASB-FASB discussion paper on revenue recognitionHistory of IAS 11Accounting Resources for ASC 606 and IFRS 15Requirements for the Completed Contract MethodTreatment of Specific Items in a Contract Account This post explores when and how that significant financing component should be recognized. ASC 606 requires us to consider collectibility to determine if a contract exists but what happens if things change after the contract is signed? This post explores if, and when, an entity may need to re-evaluate the collectibility of a contract, and what it means for revenue recognition. The Boards concluded that assurance-type warranties do not provide an additional good or service to the customer (i.e., not a separate performance obligation). By...