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How should ABC recognize the revenues from this plan

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Question - Gary enters into a 12-month telecom plan with the local mobile operator named Globalism. The terms of plan are as follows:

Gary's monthly fixed fee is P500.

Gary receives a free handset at the inception of the plan.

Globalism sells the same handsets for P1,500 and the same monthly prepayment plans without handset for P400/month.

How should ABC recognize the revenues from this plan in line with IAS 18 and IFRS 15?

Reference no: EM132992478

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