Pioneer Workshop specializes in refinishing furniture and making antique reproductions to order.All pieces worked on require a 20% down payment; the balance is due ten days after the piece is delivered to the client.Collection has never been a problem.Because the plant is located a four hour drive from the nearest transport depot, they only schedule deliveries once a month.A piece that is completed the day after a delivery
run will wait in the shop until the next delivery date or until the client is ready to receive it, which if the client is doing major renovations, is sometimes several months later.
Required:
When should Pioneer recognize revenue? Support your answer by referring to the IFRS revenue recognition criteria.

Question

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The Answer of Pioneer Workshop specializes in refinishing furniture and making antique reproductions to order.All pieces worked on require a 20% down payment; the balance is due ten days after the piece is delivered to the client.Collection has never been a problem.Because the plant is located a four hour drive from the nearest transport depot, they only schedule deliveries once a month.A piece that is completed the day after a delivery
run will wait in the shop until the next delivery date or until the client is ready to receive it, which if the client is doing major renovations, is sometimes several months later.
Required:
When should Pioneer recognize revenue? Support your answer by referring to the IFRS revenue recognition criteria.

Pioneer Workshop Specializes in Refinishing Furniture and Making Antique Reproductions