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sets the principles to apply when reporting about: nature, amount, timing…
sets the principles to apply when reporting about: nature, amount, timing & uncertainty of revenue and cash flows from a contract with a customer
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contract combination
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is the change in the contract’s scope, price or both (when you add certain goods or services, you deal with the contract modification)
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contract costs
Costs to obtain a contract: these costs would not have been incurred without an effort to obtain a contract – for example, legal fees, sales commissions and similar. Are recognised as an asset if they are expected to be recovered
Costs to fulfill a contract: If these costs are within the scope of IAS 2, IAS 16, IAS 38, treat them in line with the appropriate standard.If not, then capitalize them only if certain criteria are met.
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