BPP Revision Kit – Q -65 B

Question :-

One of the hotels owned by Norman is a hotel complex which includes a theme park, a casino and a golf course, as well as a hotel. The theme park, casino, and hotel were sold in the year ended 31 May 20X8 to Conquest, a public limited company, for $200 million but the sale agreement stated that Norman would continue to operate and manage the three businesses for their remaining useful life of fifteen years. The residual interest in the business reverts back to Norman after the fifteen year period. Norman would receive 75% of the net profit of the businesses as operator fees and Conquest would receive the remaining 25%. Norman has guaranteed to Conquest that the net minimum profit paid to Conquest would not be less than $15 million.

This is a questtion appears in the BPP ,

The main focus is IFRS -15 In the solution given , but Can we approach this question from the point of View of IAS 17 – Sale and lease back .?

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