CERTYNEX IFRS ACADEMY

On 20 December 20X1, Fervane receives full payment from its customer for a machine that it will deliver, and of which the customer will obtain control, on 15 January 20X2. Fervane's reporting date is 31 December. When does it recognise the revenue from this sale?

In 20X1, on the date the payment is received.

In 20X2, when the customer obtains control of the machine.

Half in 20X1 and half in 20X2.

In 20X1, at the reporting date, since the price has been paid in full.