IFRS Revenue Recognition

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Across
  1. 3. A promise in a contract with a customer to transfer a good or service to the customer.
  2. 5. Includes amounts that an entity pays, or expects to pay, to a customer (or to other parties that purchase the entity’s goods or services from the customer) in the form of cash, credit or other items that the customer can apply against amounts owed to the entity.
  3. 6. Recognize revenue on the basis of direct measurements of the value to the customer of the goods or services transferred to date (for example, surveys of performance completed to date, appraisals of results achieved, milestones reached or units produced) and can be the most faithful depiction of the entity’s performance.
  4. 7. Refers to if a customer pays consideration or an amount of consideration is due before an entity performs by transferring a good or service.
  5. 8. An agreement between two or more parties that creates enforceable rights and obligations.
  6. 9. An entity’s right to consideration in exchange for goods or services that the entity has transferred to a customer, when that right is conditioned on something other than the passage of time (for example, the entity’s future performance).
Down
  1. 1. Recognize revenue on the basis of the entity’s efforts or inputs to the satisfaction of a performance obligation (for example, resources consumed, labor hours expended, costs incurred, time lapsed or machine hours used) relative to the total expected inputs to the satisfaction of that performance obligation.
  2. 2. Refers to a customer’s credit risk—that is, the risk that an entity will be unable to collect from the customer the amount of consideration to which the entity is entitled in accordance with the contract.
  3. 4. Exists when the parties to a contract approve a change in the scope or price of a contract (or both).