Answer
1. For product and service, revenue should be recognized when the product is received and accepted and when the service has been rendered and billable, respectively.
2. For the percentage of completion method, revenue is recognized when: (1) there is a contract price, which stands to be collected at the end of the contract; (2) it is possible to estimate costs accurately; and (3) it is possible to estimate progress towards completion.
Work Step by Step
Westinghouse Electric Corporation revenue recognition measures are in line with criteria provided under IFRS 15.
