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.
Question
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.
Solution
The AASB 15/IFRS 15 is a standard that outlines the accounting requirements for revenue from contracts with customers. It does not apply to:
I. Financial instruments within the scope of AASB 9/IFRS 9. II. Insurance contracts within the scope of AASB 4/IFRS 4. IV. Lease agreements within the scope of AASB 16/IFRS 16.
Therefore, the correct answer is I, II, and IV only. The arrangement between oil companies (III) is not explicitly excluded from the scope of AASB 15/IFRS 15, so it could potentially fall under this standard depending on the specific details of the arrangement.
Similar Questions
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.
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 is an example of a provision falling within the scope of AASB 137/IAS 37? Reading required Learning objective 9.1 on page 252Group of answer choicesOnerous contracts.Employee benefits.Insurance contracts.Accruals.
The new accounting standard for leases, AASB 16/IFRS 16, has introduced:
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.