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  • Ifrs 15

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    remmxl
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    The accounting treatment of a sale was incorrect, classifying it as revenue rather than other income, because the sale of a project was not part of the entity's normal trading activities and had not occurred for many years, so it should have been classified as a disposal of an intangible asset and gain from the sale recorded as other income.

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    The accounting treatment of a sale was incorrect, classifying it as revenue rather than other income, because the sale of a project was not part of the entity's normal trading activities and had not occurred for many years, so it should have been classified as a disposal of an intangible asset and gain from the sale recorded as other income.

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    7 views1 page

    Ifrs 15

    Uploaded by

    remmxl
    The accounting treatment of a sale was incorrect, classifying it as revenue rather than other income, because the sale of a project was not part of the entity's normal trading activities and had not occurred for many years, so it should have been classified as a disposal of an intangible asset and gain from the sale recorded as other income.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    The accounting treatment of this sales is incorrect.

    The revenue is income arising in the course of an entity’s normal trading or operating activities.
    Sale project is not the normal trading for the calendar. The normal trading for the calendar is the
    share of royalties. And the sales of project has not appeared for many years. So the sales of project
    is not the normal trading for the calendar. This should not be classified as revenue.
    The gain from sales should be classified in other income as the disposal of intangible asset.

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