Which one of the following statements is reasonable with regards to identifying which arrangements are within the scope of IFRS 15?
Product Comparison Inc. incurs significant costs to obtain and fulfill a contract with a local consortium. Since IFRS 15 only contains guidance on revenue from contracts with customers, any costs Product Comparison Inc. incurs have to be assessed exclusively under other applicable IFRS accounting standards.
Zippy Cars Ltd. sells 30 of the laptops that their finance and administrative staff have used to an underprivileged school. Given Zippy Cars Ltd. is not in the business of selling laptops the school is not Zippy Cars Ltd.’s customer. Therefore, IFRS 15 is not relevant to the sale of the laptops to the school.
Johnathan buys a motor vehicle from Zippy Cars Ltd. Zippy Cars Ltd. includes a repurchasing clause. Depending on the specific type of repurchase agreement, and more specifically whether Johnathan obtains control of the motor vehicle or not, the purchase agreement may or may not be within the scope of IFRS 15
IT 4 U Services Ltd. enters into a contract that is partially in the scope of IFRS 16 Leases and partially in the scope of IFRS 15 Revenue from Contracts with Customers. The separation and measurement requirements of IFRS 15 are applied first, thereafter IFRS 16 must be applied to the non-revenue components.
The statement that is reasonable with regards to identifying which arrangements are within the scope of IFRS 15 is:
"Depending on the specific type of repurchase agreement, and more specifically whether Johnathan obtains control of the motor vehicle or not, the purchase agreement may or may not be within the scope of IFRS 15."
This statement acknowledges that the determination of whether a contract falls under IFRS 15 depends on the specifics of the repurchase agreement and the concept of control转移。In the case of Johnathan's motor vehicle purchase with a repurchasing clause, the question of whether the contract is subject to IFRS 15 depends on whether Johnathan gains control of the motor vehicle. If he does gain control, then the contract would likely involve a transfer of control to the customer, and IFRS 15 would apply to the extent that the transfer of control occurs over time. If control is not transferred to the customer, the contract might be considered a financing arrangement and could fall under a different standard.
