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Transfer control of goods or services
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[QUOTE="Yakub02, post: 308071, member: 94426"] A company transfers control of a good or service over time (therefore, satisfying a performance obligation and recognising revenue over time), if one of the following criteria is met: the customer simultaneously receives and consumes the benefits provided by the entity’s performance as the entity performs; the company’s performance creates or enhances an asset (for example, work in progress) that the customer controls as the asset is created or enhanced; or the company’s performance does not create an asset with an alternative use (to the seller) and the entity has an enforceable right to payment for performance completed to date. If a performance obligation is satisfied over time an entity needs a mechanism to identify the extent to which the performance obligation has been met. Performance obligations satisfied at a point in time? If a performance obligation is not satisfied over time then it is satisfied at a point in time. Measuring progress towards complete satisfaction of a performance obligation For a performance obligation satisfied over time, revenue is recognised by measuring the progress towards complete satisfaction of that performance obligation A single method of measuring progress should be used for each performance obligation and that method should be applied consistently to similar performance obligations and in similar circumstances. Progress must be remeasured at the end of each reporting period. Possible methods of measuring progress include both output methods and input methods [/QUOTE]
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