AASB 15 Revenue from Contracts with Customers 46-49: Recognise the transaction price allocated to each satisfied obligation, determined from the contract terms and customary practice, excluding third-party collections and constrained variable amounts

What does 46-49 require?

When or as an obligation is satisfied, the revenue recognised is the part of the transaction price allocated to it, leaving out constrained estimates of variable amounts. The transaction price is the consideration the entity expects to be entitled to in return for the promised transfer, excluding amounts collected for third parties such as some sales taxes, and may be fixed, variable or both. Determining it means weighing variable consideration and its constraint, any significant financing component, non-cash consideration and consideration payable to the customer, and assuming the contract runs to completion as written without cancellation, renewal or modification.