Revenue recognition based on transfer of control: allocate transaction price to performance obligations and recognise as control transfers. The Standard requires revenue recognition that reflects the transfer of control of promised goods or services and establishes a core model: identify a contract and distinct performance obligations, determine and, where appropriate, constrain the transaction price, allocate that price on a stand alone selling price basis, and recognise revenue when (or as) each performance obligation is satisfied. It sets scope exclusions, rules for contract combination and modification, measures of progress, treatment of variable consideration and contract costs, presentation as contract assets or liabilities, and comprehensive disclosure obligations.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Revenue recognition based on transfer of control: allocate transaction price to performance obligations and recognise as control transfers.
The Standard requires revenue recognition that reflects the transfer of control of promised goods or services and establishes a core model: identify a contract and distinct performance obligations, determine and, where appropriate, constrain the transaction price, allocate that price on a stand alone selling price basis, and recognise revenue when (or as) each performance obligation is satisfied. It sets scope exclusions, rules for contract combination and modification, measures of progress, treatment of variable consideration and contract costs, presentation as contract assets or liabilities, and comprehensive disclosure obligations.
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