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Illustrate the five steps in the revenue recognition

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Reference no: EM132729001

Problem - Mitsubishi Corp. signs a contract to sell a fleet of light-rail-transit (LRT) vehicles to the Region of Waterloo for $450 million. Mitsubishi also contracted to maintain the LRT vehicles for $45 million for the 24 ensuing months after the LRT was delivered.

Instructions - Mitsubishi is a public company and adhere to asset-liability approach (or contracts-based approach) as adopted by IFRS 15. Assuming all the LRT vehicles are delivered at the same time, illustrate the five steps (2 marks each) in the revenue recognition process for Mitsubishi.

Reference no: EM132729001

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