ICAN Professional Case Study Practice Questions - ICAN Professional Level C5 Case Study Examination Exam

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A Nigerian manufacturing conglomerate signed a ₦500 million contract to supply and install industrial machinery over a 12-month period. Under IFRS 15 (Revenue from Contracts with Customers), when should revenue from the installation service be recognized if the installation performance obligation is satisfied over time?

Progressively over time as performance obligations are satisfied using an input or output method 100% upfront on the contract signing date when cash deposit is received Only upon final completion of the entire 12-month contract period At the discrete point in time when the final inspection certificate is issued by the customer

Correct Answer:

Progressively over time as performance obligations are satisfied using an input or output method

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