IFRS 15Chapter 9Lesson 1
Contract balances and disclosures
Step 1 of 9Learning objectives
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How to present a contract's position in the statement of financial position — contract asset, contract liability or receivable — by comparing the performance delivered with the customer's payments, and which information to give in the notes: disaggregation of revenue, contract balances, remaining performance obligations, significant judgments and contract cost assets.
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Learning objectives
- Determine whether a contract is presented as a contract asset, a contract liability or a receivable.
- Calculate the net position of a contract from cumulative revenue and the amounts billed or received.
- Record an advance received, a billing and the reclassification of a contract asset to a receivable.
- Identify the main disclosures and prepare a note disaggregating revenue and describing remaining performance obligations.