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Samsung Ltd. signed a 5-year contract to supply its electronic products to Harvey Norman Ltd. for $300 million. The contract was completed and signed by both companies on the last day of financial year, 30 June 2020. The Samsung Ltd. received an upfront payment of only $60 million from Harvey Norman Ltd. on that day. It decided to recognise 'revenue' of $60 million for the financial year 2019/2020. Discuss fully how Samsung Ltd should account for the contract amount, justifying your answer by reference to relevant definition and recognition criteria of relevant accounting standards.
You are required to answer the following two questions:
Problem 1) Discuss in your opinion whether it is correct for Samsung Ltd. to recognise 'revenue' of $300 million for the financial year 2019/2020 or not. You should justify your comments by using references to the Conceptual Framework for Financial Reportingor other relevant AASBs.
Problem 2) Explain how Samsung Ltd. should record $60 million in the accounts for the financial year 2019/2020. You should refer to the Conceptual Framework for Financial Reporting or other relevant AASBs to support your explanation.
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