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Accounting for discounts under IFRS
You’d like to give a discount of 20%. Looking at a table above, you need to sell 33% more units than before to have the same effect. For verification, your new discounted sales price is CU 80, therefore your gross profit with 33% more units sold is CU 60 (80-20) * 133 units = 7 980 (Cu 20 is a rounding difference).
Actived: 9 days ago
Revenue recognition Archives
Discounts are probably the most popular selling tool in business. Without a doubt, many companies discount the price for their products or services in various forms, for example: Buy 1, get 1 free (and modifications), Get 10% off for purchases over CU 100 (and modifications),…
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All about IFRS
The IFRS Kit has saved me a lot of time and money. It was my primary source of information when studying for the exam. The tool is very well structured and contains comprehensive material. Videos were great to summarize what I have learnt so far. I enjoyed examples to connect theory with practice.
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IFRS 15 Archives
Discounts are probably the most popular selling tool in business. Without a doubt, many companies discount the price for their products or services in various forms, for example: Buy 1, get 1 free (and modifications), Get 10% off for purchases over CU 100 (and modifications),…
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033: How to account for settlement discounts under IFRS 15
IFRS Answer 033. To make it absolutely clear for everyone: Settlement discount is a discount for prompt payment of invoice by the customer. Let’s say you sell something for 1 000 on 30-day credit and you offer 3% off if a customer pays within 10 days. Those 3% – or 30 in this case – is a settlement discount.
IAS 18 Archives
Discounts are probably the most popular selling tool in business. Without a doubt, many companies discount the price for their products or services in various forms, for example: Buy 1, get 1 free (and modifications), Get 10% off for purchases over CU 100 (and modifications),…
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IFRS 15 Revenue from Contracts with Customers
Under IFRS 15, can we recognise the full selling price of the service as revenue if it is offered for free e.g. Cr Revenue – $150 and Dr discount/cost of Service – $150 or should no revenue be recognised as it nets off to 0. Appreciate your assistance. Many Thanks
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