10 Nov Daphne s Catering Ltd. (DCL) provides catering ser
Daphne s Catering Ltd. (DCL) provides catering services to people living in Saskatoon. DCL can provide meals for groups as small as two and as large as 500. In November 2016, DCL was approached by the executive director of a national accounting organization to cater a gala dinner at the organization s annual convention to be held in August 2017. The parties signed a contract in December 2016 in which they agreed DCL would cater the function for a minimum of 250 people at a price of $110 per person (if fewer than 250 people attend, the organization will pay for 250). The organization paid a non-refundable $5,000 deposit at the time the contract was signed. An additional $15,000 was paid on May 1, 2017. The dinner was held successfully on August 15, 2017, with 297 guests attending. The balance owing was paid to DCL on August 31, 2017. DCL s year-end is December 31. Required: a. What are some of the possible points at which DCL could recognize the revenue from the gala dinner? b. Which revenue recognition points can you support with the IFRS criteria? Explain.
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