Part 1 of License fee for a project is agreed and partly paid. Part 2 of the license fee is payable only after 15 months from the date of commencement of the project.
Customer is slow in paying invoices.
when can the Part 2 license fee be recognised under IFRS. now as the project is complete or after the event (15 month time period) has occurred??
Also collectability from the client will have bearing on the answer to the question above?
License fee revenue