CERTYNEX IFRS ACADEMY

On its 20X1 sales, Velya allocated 9,600 to purchase vouchers providing a material right, valid until 30 June 20X2; this amount, paid by customers before the future goods are provided, is presented as a contract liability. The vouchers used gave rise to the recognition of the corresponding revenue when the items were delivered. On 30 June 20X2, all the remaining vouchers expire unused; 2,400 remains in the contract liability for them. How should this balance be treated?

Keep it in the contract liability until customers make new purchases without a voucher.

Recognise it as revenue when the vouchers expire.

Reclassify it to equity, since the vouchers were not used.

Retrospectively correct 20X1 revenue, as the initial estimate of redemptions proved too high.