Lease and Finance Management - EBS (MOSC)

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IFRS - 15

edited Jun 12, 2018 5:05AM in Lease and Finance Management - EBS (MOSC) 1 commentAnswered

Would like to know about IFRS - 15 and its impact on the Service Contract.

I went through the IFRS - 15 revenue recognition guidelines and they talked about 5 principles which need to be followed

  1. Identify a contract with a customer
  2. Identify separate performance obligations in the contract
  3. Determine the transaction price
  4. Allocate the transaction price to separate performance obligations
  5. Recognize Revenue when (or as) each performance obligations is met

In case of Service Contract, what would be the Performance Obligations? And how transaction price is to be determined and allocate per performance obligation.

Any leads or thoughts please share.

Thanks.

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