A product and service are bundled together and sold to customers for $450. The fair values of the product and service are $350 and $150 respectively. The IFRS standard, IFRS 15 Revenue from Contracts with Customers adopts a(n) earnings approach to revenue recognition. earned and realized approach to revenue recognition. asset-liability approach to revenue recognition. cash-based approach to revenue recognition. A contract liability is often referred to as all of the following, except for a contra-contract asset. a performance obligation. unearned revenue. return liability