List each step in ifrs five step revenue recognition process, Financial Accounting

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List each step in ifrs five step revenue recognition process

Problem

SKY Inc. sells a customer a non-refundable airline ticket on Feb 14, 2022 to fly to Montreal on June 24 and returning July 14, 2022. The $600 fare has been charged to the customer's credit card on Feb 14. SKY reports quarterly and has a December 31 year end.

Task

List each step in the IFRS 15 five step revenue recognition process and explain how it will be specifically applied by FLY for this transaction. Conclude by stating the amount of revenue by quarter that FLY would recognize.

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Financial Accounting: List each step in ifrs five step revenue recognition process

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Financial Accounting: List each step in ifrs five step revenue recognition process

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