which conditions need to be met in order for a contract with a customer to be within the scope of ifrs 15?

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21-12-2022
Business

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which conditions need to be met in order for a contract with a customer to be within the scope of ifrs 15?

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JitSen257 JitSen257 · Answer 1 · 2022-12-26T06:09:57-05:00

It is possible to identify a contract that complies with IFRS 15's definition of a contract: There is commercial substance in the contract:

• the gatherings have endorsed the agreement;

• The entity is able to identify: each party's freedoms, - the installment terms for a long term benefit and administrations to be moved.

Before a contract with a customer can be accounted for under IFRS 15, which of the following must be fulfilled?

A contract can only be accounted for by an entity under IFRS 15 if all of the following conditions are met: The contract has been approved by the parties, and they have pledged to carry out their respective responsibilities. Each party's rights to the transferred goods or services can be identified by the entity.

Which falls under the purview of IFRS 15?

An agreement with a client will fall inside the extent of IFRS 15 when every one of the accompanying measures are met: • The contract has been approved by all parties involved; It is possible to identify each party's rights regarding the transferred goods or services: • The terms and conditions for making payments for the goods or services.

To learn more about IFRS 15's here:

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