Which of the following are excluded from the scope of AASB 15/IFRS 15?
I. Financial instruments within the scope of AASB 9/IFRS 9.
II. Insurance contracts within the scope of AASB 4/IFRS 4.
III. Arrangements between oil companies that agree to exchange oil to meet demands of customers in different locations.
IV. Lease agreements within the scope of AASB 16/IFRS 16.
A) I, II only.
B) II, III and IV only.
C) I, III and IV only.
D) I, II, III and IV.

Question

Quizplus · Accepted Answer

AASB 15/IFRS 15, which deals with revenue from contracts with customers, explicitly excludes financial instruments within the scope of AASB 9/IFRS 9, insurance contracts within the scope of AASB 4/IFRS 4, lease agreements within the scope of AASB 16/IFRS 16, and certain non-monetary exchanges between entities in the same line of business to facilitate sales to customers or potential customers (such as the oil exchange arrangements).

Which of the Following Are Excluded from the Scope of AASB