Accounting · IFRS 15 Revenue from Contracts with Customers
Which of the following is NOT a required condition for identifying a contract with a customer under IFRS 15?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The contract specifies the rights and payment terms regarding the goods or services to be transferred.
- 2The terms of the contract must explicitly include warranties and penalties for non-performance.✓
- 3The contract has commercial substance.
- 4It is probable that the entity will collect the consideration to which it will be entitled.
Correct answer
The terms of the contract must explicitly include warranties and penalties for non-performance.
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