The ACCA Learning Community
307 online now

Ifrs 15 for banks

0 Votes
Ifrs 15 for banks

I have a question regarding ifrs 15 for banks, what are performance obligation and transaction price, step 2 and step 3, respectively. When a customer accrues loyalty points while swiping its debit/credit card in post terminals what will be an expense and a revenue from bank’s perspective. And how should bank allocate the transaction price(what is it?) to separate performance obligation. Taking the fact into consideration that bank is an agent(as when the points are accrued (without bank’s contest) customer can buy anything with those points) how revenue can be recognized - it should be net basis as it is an agent, but net of what ? Thank you in advance.

January 3rd 2019 AN ACCA USER 600 Points

Please log in or register to reply to this question.