On December 1, 2019, Coburn Consulting Ltd. signed a contract with Burke Inc., which obligated Coburn to provide Burke with 16 hours of consulting services per month from January through December of 2020. The contract requires Burke to pay a total of $67,200 for these services, with payments of $5,600 due at the end of each month. Coburn has provided similar services to Burke in the past and has always collected its fees on a timely basis. Requirement Using IFRS and ASPE revenue recognition standards as a guide, determine how Coburn Consulting Inc. would recognize revenue from this transaction under both ASPE and IFRS. ASPE Step 1. The ownership (or control) and benefits of the goods have been transferred to the customer, or the services have been provided to the customer. Coburn satisfy this criteria as it ASPE Step 2. The amount of revenue to be received can be reliably measured. Coburn will receive $ per hour for consulting services provided. ASPE Step 3. It is probable that the customer will pay for the goods or services when payment becomes due. each Burke has always paid Coburn on a timely basis, so it is probable they will pay their bill as it comes due each month. Coburn can recognize revenue of $ time it provides Burke with of consulting services. IFRS Step 1. Identify the contract with the customer, specify its terms, and evaluate the probability the customer will pay the transaction price when it becomes due. Burke has always The contract between Coburn and Burke specifies that Coburn will provide hours of consulting per month in 2020 for a total price of $ paid Coburn on a timely basis, so their bill as it comes due each month. IFRS Step 2. Identify the separate performance obligations in the contract. Each hour of consulting can be considered so there are separate obligations in the contract. IFRS Step 3. Determine the transaction price. The transaction price is $ IFRS Step 4. Allocate the transaction price to the separate performance obligations in the contract. The total transaction price of $ allocated across the obligated hours yields a price per hour of $ IFRS Step 5. Recognize revenue when (or as) the business satisfies each performance obligation. Coburn can recognize revenue of $ each time it provides Burke with of consulting services in 2020