Accounting · Revenue from Contracts with Customers
A contract is modified by adding an extra 500 distinct units, and the price offered for the additional units reflects their standalone selling price at the time of the modification. How should this modification be accounted for under IFRS 15?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1As a prospective modification (a new, separate contract)✓
- 2As a cumulative catch-up adjustment to the original contract
- 3As a blended price for all units (original and new)
- 4As a termination of the old contract and creation of a new one
Correct answer
As a prospective modification (a new, separate contract)
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