puru
asked over 1 year ago
What are the criteria to Identify the contract with a customer?
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PRACHEETI
answered over 1 year ago
According to IFRS 15, the following criteria have to be met before a contract can be identified;
- both parties have to approve the contract and are committed to perform;
- and the entity can identify each party’s rights and obligations in terms of the contract; and
- there are clear payment terms in the contract, and the contract has “commercial substance”.
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