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A three-year service plan, normally worth $1,500, is included free in the price of the caravan. On 1 May 20X7, a customer agrees to buy a Mini-Lux caravan, paying the deposit of $3,000. Delivery is arranged for 1 August 20X7. As the sale has now been made, the director of Caravans Deluxe wishes to recognise the full sale price of the caravan, $30,000, in the accounts for the year ended 30 June 20X7. 18 1: Financial reporting framework  Part A Regulatory and ethical framework Required Advise the director of the correct accounting treatment for this transaction.

IFRS 13) Revenue does not include sales taxes, value added taxes or goods and service taxes which are only collected for third parties, because these do not represent an economic benefit flowing to the entity. The same is true for revenues collected by an agent on behalf of a principal. Revenue for the agent is only the commission received for acting as agent. 5 Measurement of revenue When a transaction takes place, the amount of revenue is usually decided by the agreement of the buyer and seller.

Excluding information on those phenomena might make the information easier to understand, but without it those reports would be incomplete and therefore misleading. Therefore matters should not be left out of financial statements simply due to their difficulty as even well-informed and diligent users may sometimes need the aid of an adviser to understand information about complex economic phenomena. The cost constraint on useful financial reporting This is a pervasive constraint, not a qualitative characteristic.

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