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Which ifrs revenue from contracts with customers adopts

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Reference no: EM132688980

Problem 1: The new IFRS standard, IFRS 15 Revenue from Contracts with Customers adopts a(n)

Option 1: cash-based approach to revenue recognition.

Option 2: earnings approach to revenue recognition.

Option 3: asset-liability approach to revenue recognition.

Option 4: earned and realized approach to revenue recognition.

Problem 2: At the time of contract signing,

Option 1: a contract liability is recorded.

Option 2: no journal entry is recorded.

Option 3: a note to the financial statements must be included.

Option 4: a contract asset is recorded.

Reference no: EM132688980

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