Which of the following disclosure are required by IFRS 15?
I)Total income, allocated between revenue and other gains
II) qualitative and quantitative information about contracts with customers
III) qualitative and quantitative information about any assets recognised from the costs to obtain or fulfil a contract with a customer
IV) the opening and closing balances of receivables, contract assets and contract liabilities from contracts with customers, if not otherwise separately presented or disclosed
A) I and II only
B) II, III and IV only
C) I, II and III only
D) I, II, III and IV

Question

Which of the following disclosure are required by IFRS 15?
 I)Total income, allocated between revenue and other gains
II) qualitative and quantitative information about contracts with customers
III) qualitative and quantitative information about any assets recognised from the costs to obtain or fulfil a contract with a customer
IV) the opening and closing balances of receivables, contract assets and contract liabilities from contracts with customers, if not otherwise separately presented or disclosed
A) I and II only
B) II, III and IV only
C) I, II and III only
D) I, II, III and IV

Quizplus · Accepted Answer

IFRS 15 requires disclosure of qualitative and quantitative information about contracts with customers, any assets recognized from the costs to obtain or fulfill a contract with a customer, and the opening and closing balances of receivables, contract assets, and contract liabilities from contracts with customers if not separately presented or disclosed. However, total income allocated between revenue and other gains is not a specific disclosure required by IFRS 15.

Which of the Following Disclosure Are Required by IFRS 15