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ifrs 15

This topic has 7 replies, 2 voices, and was last updated 8 years ago by MikeLittle.

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February 29, 2016 at 12:04 pm #302612
ASHOK
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IFRS 15 says cost of obtaining contract should be capitalised , means it should be included in statement of financial position at assets side so then will be on liabilities ?
February 29, 2016 at 9:44 pm #302704
MikeLittle
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“Cost of obtaining a contract” – surely suggests an outflow of economic resource! Cash? Or taking on an obligation?
March 1, 2016 at 4:35 am #302726
ASHOK
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sir please tell me journal enteries for this cost of obtaining contracts
March 1, 2016 at 7:25 am #302744
MikeLittle
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Dr Contract account
Cr Cash (or liabilities)
March 1, 2016 at 7:32 am #302745
ASHOK
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thank u very much………. MIKE LITTLE
March 1, 2016 at 10:44 am #302785
MikeLittle
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You’re very welcome ASHOK! (Why upper case? Are you shouting at me?)
March 2, 2016 at 8:36 am #302976
ASHOK
Member
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it means very very very very very thank you to you
March 2, 2016 at 7:59 pm #303110
MikeLittle
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Ah, ok! Good luck next week
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