ADMS 2500 Lecture Notes - Lecture 5: Sales Tax, Laser Surgery, Travel Agency

• School: York University
• Department: Administrative Studies
• Course: ADMS 2500
• Professor: Mary M A

Document Summary

Ifrs 15 - revenue from contracts with customers. Contract: governance structure, outlines the agreed upon work and establishes timelines and payment due dates. Revenue - defined by ifrs 15 revenue from contracts with customers: Income arising in the course of an entity"s ordinary activities. Increases in economic benefits in the form of inflows or enhancements of assets: also decreases in liabilities that result in an increase in equity. Gain from disposal of ppe: amounts collected on behalf of third parties, ex. Sales tax as well as goods and services tax: gst for example will be forwarded to the government, amounts collected on behalf of third parties in an agency relationship, ex. Travel agent would report commission earned on sale of airplane ticket as revenue: contributions from shareholders. Example of revenue: a transaction that occurs in the normal operations of the business, cash or a/r received by an electrical store selling 6 electrical generators.