1 October 20X2 Wood Co entered into a contract to construct a bridge over a river. The total contract revenue was £50 million and construction is expected to be completed on 30 September 20X4. The customer obtains control of the bridge as construction takes place. Costs to date are:

The sales value of the work done at 31 March 20X3 has been agreed at £22 million and the estimated cost to complete (excluding plant depreciation) is £10 million. The specialist plant will have no residual value at the end of the contract and should be depreciated on a monthly basis. Wood Co recognises satisfaction of performance obligations on the percentage of completion basis as determined by the agreed work to date compared to the total contract price.

What is the profit to date on the contract at 31 March 20X3?

£8,800,000

£13,200,000

£11,440,000

£10,000,000

本题考查了IFRS15收入准则中建造合同的知识点。

本题问20X3年3月31日Wood Co应该确认的利润。根据IFRS15准则规定，合同总利润=合同总收入-到目前为止发生的支出-预计之后还会发生的支出。根据该公式可以得到总利润为£20m。Wood公司根据迄今商定的工作完成百分比来确定履约情况，其中总价款为£50m，目前完成的销售价值为£22m，所以分摊后在年末计入损益表的利润为£22m*£20m/£50m=£8.8m。故本题选A。

The company recognises revenue on the basis of the costs completed as a proportion of the final contract value. The client gains the use of the asset during its construction.

The following details apply to a contract where performance obligations are satisfied over time at 31 December 20X5.

The contract is agreed to be 45% complete at 31 December 20X5.

What amount should be recognised in the statement of financial position as at 31 December 20X5 as a contract asset?

£6,000

£48,000

£8,400

£50,400

本题考查IFRS15收入准则中合同资产的知识点。

本题问合同资产在资产负债表中最终呈现的金额。根据IFRS15收入准则的规定，合同总利润=合同的总收入-到目前为止发生的支出-预计之后还会发生的支出=120,000-48,000-48,000=£24,000。题干第一句提到该公司根据完工成本占最终合同价值的比例确认收入，即45%，所以应该确认的利润为£10,800。而在资产负债表中呈现的合同资产=合同目前已发生的成本+本期应确认的利润-已开票金额=48,000+10,800-50,400=£8,400。故本题选C。

Batty Co, a company which sells photocopying equipment, has prepared its draft financial statements for the year ended 30 September 2OX4. It has included the following transactions in revenue at the stated amounts below.

Which of these has been correctly included in revenue according to IFRS 15 Revenue from Contracts with Customers?

Agency sales of £250,000 on which Batty Co is entitled to a commission

Sale proceeds of £20,000 for motor vehicles which were no longer required by Batty Co

Sales of £150,000 on 30 September 20X4. The amount invoiced to and received from the customer was £180,000, which included£30,000 for ongoing servicing work to be done by Batty Co over the next two years.

Sales of £200,000 on 1 October 20X3 to an established customer which, (with the agreement of Batty Co). the sales will be paid in full on 30 September 20X5. Batty Co has a cost of capital of 10%.

本题考查IFRS15收入准则。

本题问可以作为收入进行确认的情形。根据IFRS15收入准则，企业的收入应该是企业日常活动中，通过主营业务的经营而取得的现金流。选项C, 公司销售日常货物获得的发票和金额应确认为收入，其中预收的部分应作为递延收益进入资产负债表，在履行完合同义务后再确认收入，所以C选项正确；

选项A，经销商代销商品取得的销售额不能确认为收入，应该作为收入确认的是佣金（commision）的部分，所以A不符合题意；

选项B，处置停用的摩托取得的收入不能确认为收入，因为处置摩托不是该公司的主营业务，而应该确认为处置固定资产的收益，所以B选项错误；

选项D, Batty Co将货款£200,000在当期全部确认为收入，此项会计处理是错误的，因为复印机在本年出售，收入应当记录在本期，但由于下一年底该笔货款才能完全支付，因此要考虑时间价值，记录的收入金额不是£200,000。所以D选项错误。

Journal Co entered into a contract on 1 January 20X5 to build a factory for Chia Co. The total contract price was ＄2.8 million. Chia Co obtains control of the factory as the asset is constructed. Journal Co has an enforceable right for payment for completion of the factory completed to date. The contract states that the performance obligations are measured according to certificates issued by the surveyor. At 31 December 20X5 the contract was certified by the surveyor as 35% complete. Costs to complete are estimated at ＄1.4 million. $800,000 has been invoiced to the customer but not yet paid.

whether the contract will be recognised as a contract asset or liability and what the carrying amount will be in the statement of financial position of Journal Co as at 31 December 20X5？

contract asset 180000

contract liability 180000

contract asset 240000

contract liability 240000

本题考查了IFRS15收入准则中合同资产/负债的知识点。

本题问合同资产/负债的确认和计量。根据IFRS15收入准则，企业应该确认的合同资产=完工进度（35%）*合同价款-已开票的金额，即35%*£280,000-£800,000=£180,000，所以本题选A。

Newmarket Co's revenue as shown in its draft statement of profit or loss for the year ended 31 December 20X9 is £27 million. This includes £8 million for a consignment of goods sold on 31 December 20X9 on which Newmarket Co will incur ongoing service and support costs for two years after the sale.

The supply of the goods and the provision of service and support are separate performance obligations under the terms of IFRS 15 Revenue from Contracts with Customers.

The cost of providing service and support is estimated at £800,000 per annum. Newmarket Co applies a 30% mark-up to all service costs.

At what amount should revenue be recognised in the statement of profit or loss of Newmarket Co for the year ended 31 December 20X9? (Ignore the time value of money.)  

  1  

本题考查IFRS15收入准则。

根据题意可知，供应产品和提供服务是两个单项履约义务，可以算出两年的总服务收入为 £800,000*（1+30%）*2=£2,080,000。但该笔收入要在服务完成后的两年后才可以确认，所以 £2,080,000只能作为递延收入 （deferred income），而不能包含在20X9年度的合同收入(£8million) 之中。由于 £8million 的服务合同已经被包含在了公司 £27million 的当期收入中，所以我们能确认的本年度公司的实际收入为£27,000,000-£2,080,000=£24,920,000。

Orange Co is a broadband provider which receives government assistance to provide broadband to remote areas. Orange Co invested in a new server at a cost of £800,000 on 1 October 20X2. The server has an estimated useful life of ten years with a residual value equal to 15% of its cost. Orange Co uses straight-line depreciation on a time apportioned basis.

The company received a government grant of 30% of its cost price of the server at the time of purchase. The terms of the grant are that if the company retains the asset for four years or more, then no repayment liability will be incurred. Orange Co has no intention of disposing of the server within the first four years. Orange Co's accounting policy for capital-based government grants is to treat them as deferred income and release them to income over the life of the asset to which they relate.

Breakout Co successfully receives a government grant of £1,500,000 on 1 January 20X5 allowing it to purchase an asset which also costs £1,500,000 on 1 January 20X5. The asset has a ten-year useful life and is depreciated on a 20% reducing balance basis. Company policy is to account for all grants received as deferred income.

What amount of income will be recognised in respect of the grant in the year to 31 December 20X5?

£1,500,000

£500,000

£300,000

£150,000

本题考查的是IAS20政府补助。

本题问在年末可以确认的政府补贴收入。

根据IAS20政府补助的规定，纳税人可以选择将政府补助当做递延收益，每年确认£1,500,000。根据题干信息，该公司选择余额递减法对该资产进行折旧，所以当期的政府补助也应该和该资产使用同样的折旧政策，即1.5m*0.2=0.3m，所以选C。