IFRS 15Chapter 4Lesson 1
Step 2: performance obligations and distinct goods or services
Step 1 of 8Learning objectives
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Splitting the contract into units of account: list the explicit and implicit promises, set aside set-up activities, recognise a series, then test the two criteria for being distinct (capable of being distinct, distinct within the context of the contract) and combine what is not.
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Learning objectives
- List the promises in a contract, including implicit promises, and set aside set-up activities.
- Recognise a series of distinct goods or services that forms a single performance obligation.
- Apply the two criteria for being distinct and combine promises that are not distinct.
- Evaluate the indicators of integration, customisation and interdependence and document the conclusion.