Accounting · IFRS 15 Criteria

Which of the following criteria is mandatory before an entity accounts for a contract with a customer in accordance with IFRS 15?

Verified Solution4 OptionsUpdated: October 2026👁️1 View

1The contract duration must be longer than 12 months.
2It is only remotely possible that the consideration will be collected.
3The contract must strictly be in a written paper document format.
4All parties to the contract have approved the contract and are committed to perform.✓

Correct answer

All parties to the contract have approved the contract and are committed to perform.

Save this question and verified answer as a clean study sheet with live clickable link.

👥

Challenge your peer aspirants on WhatsApp or Telegram to solve this question!

Online Test Series

Practice full-length mock tests with real exam timers, instant score analysis, and all-India ranking.

Chapter Practice

Want more practice questions on IFRS 15 Criteria?

Solve complete topic-wise tests with detailed solutions on GkGet.

Recommended practice questions in Accounting · IFRS 15 Criteria

Which of the following territories was annexed by Lord Dalhousie under the pretext of misgovernance, and not directly through the Doctrine of Lapse?

What was the primary stated reason for the Partition of Bengal in 1905 by Lord Curzon?

Related Practice Questions