On December 1, 20X1, Wentworth Consulting Ltd. signed a contract with Tavistock Inc., which obligated Wentworth to provide Tavistock with 16 hours of consulting services per month from January through December of 202. The contract requires Tavistock to pay a total of $76,800 for these services, with payments of $6,400 due at the end of each month. Wentworth has provided similar services to Tavistock 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 Wentworth 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. Wentworth satisfy this criteria as it ASPE Step 2. The amount of revenue to be received can be reliably measured. Amount Wentworth + ill receive for each hour of consulting services provided: ASPE Step 3. It is probable that the customer will pay for the goods or services when payment becomes due. Tavistock has always paid Wentworth on a timely basis, so it is probable Tavistock will pay the bill as it comes due each month. Wentworth can recognize revenue of each time it provides Tavistock with of consulting services. IFRS Step 1. Identify the contract with the customer, specify its terms, and evaluate How many separate performance obligations are in this contract? IFRS Step 3. Determine the transaction price. Transaction price: IFRS Step 4. Allocate the transaction price to the separate performance obligations in the contract. As determined in previous steps, the total transaction price is $76,800 and it should b allocated across the 192 perfictmance obligation hours. Price per hour: IFRS Step 5. Recognize revenue when (or as) the business satisfies each performance obligation. Wentworth can recognize revenue of each time it provides Tavistock with of consulting services in 202