Asset received as a promotional gift

Question

We have purchased a computer system and we received a printer free as a gift based on promotional campaign of the computer vendor. Should be take the cost of this printer into our books? How do I account for this as per IFRS?

Thanks in advance

Answer 1

I think you need to assume that the amount you paid is for both items and allocate some amount to the assets you received as a free gift because  IFRIC 13 — Customer Loyalty Programs requires the companies which give away such promotional items to defer a part of the revenue generated from such transactions.