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criteria to Identify the contract with a customer

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 puru asked about 1 year ago

What are the criteria to Identify the contract with a customer?

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 PRACHEETI answered about 1 year ago

According to IFRS 15, the following criteria have to be met before a contract can be identified;

  1. both parties have to approve the contract and are committed to perform;
  2. and the entity can identify each party’s rights and obligations in terms of the contract; and
  3. there are clear payment terms in the contract, and the contract has “commercial substance”.

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