Which of the following is NOT a condition that must be met in order for a contract with a customer to be within the scope of IFRS 15?
A) The contract has been approved by the parties to the contract.
B) The contract does not identify each party's rights in relation to the goods or services to be transferred.
C) The contract has commercial substance.
D) The payment terms for the goods or services to be transferred can be identified.

Question

Quizplus · Accepted Answer

One of the conditions for a contract to be within the scope of IFRS 15 is that the contract identifies each party's rights in relation to the goods or services to be transferred. Therefore, option B is not a condition that must be met. All the other options (A, C, and D) are conditions that must be met for a contract to be within the scope of IFRS 15.

Which of the Following Is NOT a Condition That Must