1. You are The Chief Finance Officer for your company Blue Label Inc. and a Fellow of the local accountancy body, The Zambia Institute of Chartered Accountants (ZICA). You have just received an invitation from ZICA requesting you to be one of the presenters at a workshop organized by the institute to fulfill its mandate of enhancing professional competence in its members amid many new standards that have evolved in the recent past. Your specific role will be to talk about the evolution of IFRS 15 Revenue from Contracts with Customers. The workshop organizer has asked you to send your presentation beforehand for review by a relevant official.

Required:

Write briefing notes to the organizer that explain the following in relation to IFRS 15 Revenue from Contracts with Customers:

1. The five step revenue recognition criteria (using simple illustrations as far as possible)

2. Recognition and measurement requirements for:

1. sale and repurchase arrangements;
2. Consignment inventory and
3. Bill and hold arrangements (use simple illustrations as far as possible).

(20 marks)