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Under IFRS15 cost of goods, revenue, and cost of goods sold (COGS) are recognized as soon as the underlying economic transaction has taken place. For commodity trade this means as soon as goods have been transferred to or from another party. In case the final price is not yet known, the recognition should take place using a best estimate. This impacts the following:
| • | estimated prices on cost sheets, |
| • | the production of accruals based upon delivery based on these estimated prices, |
| • | month end period closing |
| • | the moment goods are treated as “realized” . |
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