IFRS 15 revenue recognition period with IAS 21

[learningaccc]

Hi, I have a question that I don’t understand

Service: The Provider will set up live coffee-making stations where various types of artisan coffee will be handmade by the Provider’s highly skilled baristas based on guests’ orders during the event. Complimentary cookies will also be served together with each cup of coffee ordered.

Date: 1 Dec- 3 Dec
Consideration: USD3,000 per day + USD 3.50 per cup of coffee served

Risk and rewards of the services provided are transferred to the Customer when the Provider has satisfied its obligations stated in the contract.
The invoice was issued on 3 Dec to the customer.

Is the performance obligation USD 3000 base fee per day for setting up the station and USD 3.50 for making coffee? Should I recognise revenue over the 3 day period each day or only on 3 Dec when the invoice was issued?

The foreign currency is USD, the functional currency is CNY, how should I deal with it?
Appreciate any help provided, this question has been bothering me for the past few days

[DJP]

What happens to the stations at the end of the contract? You should first check whether this contract is or contains a lease.

[Marek Muc]

I'm sure our knowledge base will come in handy with this scenario. Have a look here:
Revenue:
https://ifrscommunity.com/knowledge-bas ... cognition/

Foreign currency impact:
https://ifrscommunity.com/knowledge-bas ... nge-rates/

Any questions left unanswered?