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TPG Ltd. signed a 20-year contract to offer its NBN network service to BHP Billion Ltd. for $300 million. The contract was completed and signed by both companies on the last day of financial year, 30 June 2019. The TPG Ltd. received an upfront payment of only $40 million from BHP Billion Ltd. on that day. It decided to recognise 'revenue' of $300 million for the financial year 2018/2019. Discuss fully how TPG Ltd should account for the contract amount, justifying your answer by reference to relevant definition and recognition criteria of relevant accounting standards.
You are required to answer the following two questions:
Question 1) Discuss in your opinion whether it is correct for TPG Ltd. to recognise 'revenue' of $400 million for the financial year 2018/2019 or not. You should justify your comments by using references to the Conceptual Framework for Financial Reporting or other relevant AASBs.
Question 2) Explain how TPG Ltd. should record $40 million in the accounts for the financial year 2018/2019. You should refer to the Conceptual Framework for Financial Reporting or other relevant AASBs to support your explanation.
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