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The following certain attributes present into a contract to determine whether the arrangements with customer are contracts within the scope of IFRS 15: I. The parties have approved the contract and are committed to perform their respective obligations. II. Each party’s rights regarding the goods or services to be transferred can be identified. III. Payment terms can be identified. IV. The contract has commercial substance. V. It is probable that the entity will collect the consideration to which it will be entitled in exchange for goods or services that will be transferred to the customer. I only I, II, and IV only All of the above I, II, IV, and V only

The following certain attributes present into a contract to determine whether the arrangements with customer are contracts within the scope of IFRS 15: I. The parties have approved the contract and are committed to perform their respective obligations. II. Each party’s rights regarding the goods or services to be transferred can be identified. III. Payment terms can be identified. IV. The contract has commercial substance. V. It is probable that the entity will collect the consideration to which it will be entitled in exchange for goods or services that will be transferred to the customer. I only I, II, and IV only All of the above I, II, IV, and V only

Auditing: A Risk Based-Approach (MindTap Course List)
Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter9: Auditing The Revenue Cycle.
Section: Chapter Questions
Problem 7CYBK
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The following certain attributes present into a contract to determine whether the arrangements with customer are contracts within the scope of IFRS 15:
I. The parties have approved the contract and are committed to perform their respective obligations.
II. Each party’s rights regarding the goods or services to be transferred can be identified.
III. Payment terms can be identified.
IV. The contract has commercial substance.
V. It is probable that the entity will collect the consideration to which it will be entitled in exchange for goods or services that will be transferred to the customer.
  • I only
  • I, II, and IV only
  • All of the above
  • I, II, IV, and V only
 
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