Which of the following are included in the scope of AASB 15/IFRS 15 Revenue from Contracts with Customers?I. Insurance contracts.II. Subscriptions.III. Accounting for investments in associates.IV. Accounting for share of joint venture revenue. Reading required: Learning objective 16.1 on page 518Group of answer choicesII and III only.I and IV only.II only.II and IV only.
Question
Which of the following are included in the scope of AASB 15/IFRS 15 Revenue from Contracts with Customers?I. Insurance contracts.II. Subscriptions.III. Accounting for investments in associates.IV. Accounting for share of joint venture revenue. Reading required: Learning objective 16.1 on page 518Group of answer choicesII and III only.I and IV only.II only.II and IV only.
Solution
AASB 15/IFRS 15 Revenue from Contracts with Customers is a standard that provides guidance on how to recognize revenue from contracts with customers.
I. Insurance contracts - These are not included in the scope of AASB 15/IFRS 15. They are covered by a different standard, IFRS 4 Insurance Contracts.
II. Subscriptions - These are included in the scope of AASB 15/IFRS 15. The standard provides guidance on how to recognize revenue from contracts with customers, which would include subscriptions.
III. Accounting for investments in associates - This is not included in the scope of AASB 15/IFRS 15. It is covered by a different standard, IAS 28 Investments in Associates and Joint Ventures.
IV. Accounting for share of joint venture revenue - This is not included in the scope of AASB 15/IFRS 15. It is also covered by IAS 28 Investments in Associates and Joint Ventures.
So, the correct answer is "II only."
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