IFRS Fire drill A company issues a £5m convertible loan note(CLN). It converts at a 10% discount to the next funding round price. How do you account for the CLN? AC- amortised cost, O- conversion option, Der- Derivative.

#OneIFRSperweek Week 33: IFRS 15 Revenue from Contracts with Customers (Part 1) The objective of IFRS 15 is to establish the principles that an entity should apply to report useful information to users of financial statements about the nature, amount, timing, and uncertainty of revenue and cash flows arising from a contract with a customer. It prescribes the accounting for revenue from sales of goods and rendering of services to a customer. The Standard applies only to revenue that arises from a contract with a customer. Other revenue such as from dividends received would be recognised in accordance with other standards e.g. IFRS 9.