CERTYNEX IFRS ACADEMY

An arrangement with a customer does not meet the criteria for a contract, and the entity has received consideration. In which situations can it recognise this consideration as revenue?

The entity still has to deliver the promised goods, but the consideration received is non-refundable.

The entity has no remaining obligation to transfer goods or services and has received substantially all of the promised consideration, which is non-refundable.

The contract has been terminated, but the consideration received must be refunded to the customer.

The contract has been terminated and the consideration received is non-refundable.

The entity has transferred all the goods but has received only 50% of the promised consideration.