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How sale of sweater to customer meets criteria for revenue

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Reference no: EM132526067

Question 1: Using the IFRS 5 step, contact-based approach to revenue recognition, list the criteria and explain how the sale of a sweater to a customer meets the criteria for revenue recognition. Assume the price of a Roots sweater is $100 and the cost to Roots was $70 and that it was final sale (i.e. cannot be returned).

Reference no: EM132526067

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