A settlement discount is where a business offers another business a discount when an invoice is paid early. This is usually a percentage discount if an invoice is paid within a specified number of days, for example, a 5% discount …
Warranty sometimes lures us into buying a product or service. Warranty for two, five, or ten years on several products and services ranging from a backpack to an electronic gadget. Warranties assure of quality in a sense that the said …
Gift certificates typically represent a non-refundable pre-payment to an entity that gives the customer a right to receive goods or services in the future and obliges the entity to stand ready to transfer the goods or services. The core principle …
IFRS 15 – Revenue from contracts with customers. The core principle of IFRS 15 (the revenue standard) requires an entity to recognise revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration …