Cor pora te rep or ti n g

(1 mark) 
 
(IFRS 9 hedge accounting knowledge and application: 5 marks max)
 
(Part b: 5 marks max) 
(c) IFRS 
15 
Revenue from Contracts with Customers 
says that the transaction price is the 
consideration that an entity expects to be entitled to in exchange for transferring 
goods or services to a customer. 
(1 mark)
Consideration paid to a customer is dealt with by reducing the transaction price as 
long as it is not in exchange for a distinct good or service.
(1 mark) 
Variable consideration is included in the transaction price if it is highly probable that 
a significant reversal in the amount of revenue recognised will not occur when the 
uncertainty is resolved. 
(1 mark) 
If not recognised over time, revenue should be recognised at the point in time at 
which control passes to the customer.