BUS 320 Lecture Notes - Lecture 5: Revenue Recognition, Expected Loss

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Entitled to breakage revenue = reliable + no revenue reversal = recognize. Redeem gift cards = obligations satisfied = recognize revenue. Sell gift cards = obligations not satisfied = contract liability. Not entitled to breakage revenue = not reliable + revenue reversal = recognize when the likelihood of customers exercising their remaining rights becomes remote (before of after expiration date) Ias 41 biological assets: recognized over time as assets mature. Ias 11 percentage of completion for long term contract. Recognize r and e reference to stage of completion at the end of reporting period. Revenue recognized to the extent of contract cost incurred that it is probable will be recoverable. Contract cost recognize as expense in the period incurred. Expected loss = recognize as e intermediately. Losses from changes in accounting estimate in a year on an overall profitable contract.

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