Executory Contract

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November 23, 2016 at 3:09 pm #350999
kakahh
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Hi Tutor,

I saw this term appears in few past paper, is executory contract still examinable ?
If yes, which accounting standard is relevant ?

Thanks,
November 24, 2016 at 10:05 pm #351291
P2-D2
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An executory contract is where the contract is settled at a later date and not immediately, so it could fall under a few different standards (IAS 37,IFRS 9, IAS 17). Essentially anywhere there is a contractual obligation.
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