CERTYNEX IFRS ACADEMY

Tramex makes a truck available to a customer under a contract that includes a lease component within the scope of IFRS 16, and also provides full maintenance of the vehicle. The contract provides for a single overall price. How should Tramex proceed?

Apply IFRS 15 to the whole contract, the lease component being ancillary to the maintenance service.

Apply IFRS 16 to the whole contract, including maintenance.

First apply to the lease component the separation or measurement requirements of IFRS 16, exclude it from the transaction price, then apply IFRS 15 to the remainder.

Freely choose the standard applicable to the contract as a whole, provided it is applied consistently.