FAC2601 EXAM 2ND SEMESTER 2025
QUESTION 1
1. 2
2. 3
3. 2
4. 1
5. 3
QUESTION 3
➢ Revenue is recognized under IFRS 15 when control of goods or services
transfers to the customer.
➢ Follows a five-step model: identify the contract, performance obligations,
transaction price, allocate the price, and recognize revenue.
➢ Transaction price includes variable consideration (e.g., returns, discounts)
estimated and constrained to avoid reversals.
➢ Measured at fair value of consideration, net of discounts and returns.
QUESTION 1
1. 2
2. 3
3. 2
4. 1
5. 3
QUESTION 3
➢ Revenue is recognized under IFRS 15 when control of goods or services
transfers to the customer.
➢ Follows a five-step model: identify the contract, performance obligations,
transaction price, allocate the price, and recognize revenue.
➢ Transaction price includes variable consideration (e.g., returns, discounts)
estimated and constrained to avoid reversals.
➢ Measured at fair value of consideration, net of discounts and returns.
