Revenue from Contract with Customers, defines contract as an agreement between two or more parties that create enforceable rights and obligations.

Required:

a. Compare with an example, where necessary:

i. Contract liabilities versus contract assets?

ii. Stand-alone-selling price versus transaction price?

 

b. Under IFRS 15, highlight SIX criteria to assess a contract?

c. Explain what is meant by contract modification and state TWO ways in which it can be accounted?

Answer rating: 100% (QA)

i Contract liabilities and contract assets are two types of balances that arise from contracts with customers under the Revenue from Contracts with Customers accounting standard Contract liabilities T... View the full answer