CERTYNEX IFRS ACADEMY

Which of the following are among the criteria that an arrangement with a customer must meet to be accounted for as a contract under IFRS 15?

The contract is signed in writing by the legal representatives of both parties.

The parties have approved the contract and are committed to perform their obligations.

The entity can identify the payment terms for the goods or services to be transferred.

The customer has paid a deposit on signing.

The contract has commercial substance.

It is probable that the entity will collect the consideration to which it will be entitled.