CERTYNEX IFRS ACADEMY

An entity signs a contract to sell a machine on 15 November. The buyer pays a deposit on 30 November, takes possession of the machine, assumes its risks and starts using it on 10 January, the date on which it obtains control. What is the date of disposal of the machine?

15 November, the date the contract is signed.

30 November, the date of the deposit.

10 January, the date the buyer obtains control of the machine.

The date the balance of the price is collected, because derecognition only occurs once the consideration has been received in full.