IFRS 15: Revenue from contract with customers, covers all of the following except ……………………a.None of the aboveb.Lease contractc.Contract for the performance of serviced.Contract for goods

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 91 pts Under AASB 16/IFRS 16 Leases, lessees are required to disclose which of the following? I. Interest expense on lease liabilities II. Income from subleasing right-of-use assets III. Gains or losses arising from sale and leaseback transaction IV. Expenses relating to short-term leases Group of answer choices II, III and IV only. I, II, III and IV only. I, II and III only. I, III and IV only.

AASB 16/IFRS 16 requires manufacturer and dealer lessors to recognise selling profit or loss: Reading required:            Learning objective 11.5.1 on page 339Group of answer choicesat the end of the lease.50% at the commencement of the lease and 50% at the end of the lease.systematically over the lease term.at the commencement of the lease.

Which of the following are excluded from the scope of AASB 15/IFRS 15?I. Financial instruments within the scope of AASB 9/IFRS 9.II. Insurance contracts within the scope of AASB 4/IFRS 4.III. Arrangements between oil companies that agree to exchange oil to meet the demands of customers in different locations.IV. Lease agreements within the scope of AASB 16/IFRS 16.  Reading required:    Learning objective 16.1 on page 518Group of answer choicesII, III and IV only.I, II only.I, III and IV only.I, II, III and IV.

All contracts create rights and obligations for the parties to the contract. Lessee accounting in IFRS 16 considers the rights and obligations created by a lease from the perspective of the lessee. As discussed further in paragraphs BC105–BC126, a lease is defined as a ‘contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration’. The lessee accounting model in IFRS 16 reflects the economics of a lease because, at the commencement date, a lessee obtains the right to use an underlying asset for a period of time, and the lessor has delivered that right by making the asset available for use by the lessee. write down the Conceptual Framework concepts that the IASB used in these paragraphs to support its standard-setting decisions.