Answers
The management should agree with the Auditor's accounting choice.
Explanation:
To recognise revenue under IFRS 15, an entity applies the following five steps:
- identify the contract(s) with a customer.
- identify the performance obligations in the contract. Performance obligations are promises in a contract to transfer to a customer goods or services that are distinct.
- determine the transaction price. The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. If the consideration promised in a contract includes a variable amount, an entity must estimate the amount of consideration to which it expects to be entitled in exchange for transferring the promised goods or services to a customer.
In the given case, the performance obligation has not been fulfilled (i.e., Amount collected for future flights). Therefore, the amount pertaining to those future flights should not be recognised as revenue in the P&L.
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