Explain Revenue recognition model. Explain amendment in leases. Explain Impairment of assets How would you test PPE.

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Revenue recognition model is a set of principles and guidelines used to determine when and how revenue should be recognized in financial statements.

Revenue recognition model provides guidance on when to recognize revenue from the sale of goods or services.
It helps in determining the amount of revenue to be recognized and the timing of recognition.
The model ensures that revenue is recognized when it is earned and realizable, and when there is persuasive evidence of an arrangement.
It also provides guidance on recognizing revenue from multiple-element arrangements and long-term contracts.
Examples of revenue recognition models include the percentage of completion method and the completed contract method.

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