Under IFRS 15, Revenue from Contracts with Customers, which of the following is NOT one of the steps to be applied in the recognition of revenue across a wide range of transactions and industries?
A) Identify the contract with a customer.
B) Do not separate the transaction price for separate performance obligations if the contract is a bundled contract where goods and services are not sold separately.
C) Identify the separate performance obligations in the contract.
D) Determine the transaction price.

Question

Quizplus · Accepted Answer

Separating the transaction price for separate performance obligations is required under IFRS 15, even in bundled contracts where goods and services are not sold separately. The other steps required in the recognition of revenue under IFRS 15 are to identify the contract, identify separate performance obligations, and determine the transaction price.

Under IFRS 15, Revenue from Contracts with Customers, Which of the Following