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What is Consignment Arrangement Revenue Recognition about?
The document discusses consignment arrangements where a consignor sends goods to a consignee to sell without immediate transfer of ownership. The consignor retains ownership and recognizes revenue when goods are sold, while the consignee earns a commission. Under IFRS 15, revenue is recognized when control transfers to the customer. The consignor acts as principal by bearing inventory risk and recognizing gross revenue, while the consignee acts as agent by selling goods on the consignor
- Author
- Hayes Hare
- Language
- EN