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#cfa-level-1 #reading-25-understanding-income-statement #revenue-recognition
Under the percentage-of-completion method, revenue is recognized based on the stage of completion of a transaction or contract and is, thus, recognized when the services are rendered.
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3.2.1. Long-Term Contracts
a licensing arrangement, the company may recognize the revenue on a prorated basis over the period of time of the contract rather than at the end of the contract term. Under IFRS, this may be done using the percentage-of-completion method.16 <span>Under the percentage-of-completion method, revenue is recognized based on the stage of completion of a transaction or contract and is, thus, recognized when the services are rendered. Construction contracts are examples of contracts that may span a number of accounting periods and that may use the percentage-of-completion method.17 IFRS provide that when the outcome


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