Sbr (int/UK) Strategic Business Reporting

(1 mark for showing knowledge of IFRS 15 principles) 

The first criterion is not satisfied because the customer does not benefit from 

Liminal’s work until the report is issued. 

(1 mark) 

The second criterion is not satisfied because the customer does not control the 

report until completion. 

(1 mark) 

The third criterion is not satisfied. Although the report is entity specific and cannot 

be used for other customers, Liminal is not entitled to payment for the work 

completed to-date if the customer cancels the contract.