IFRS 15

This topic has 1 reply, 2 voices, and was last updated 5 years ago by Stephen Widberg.

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December 22, 2020 at 12:45 pm #600566
Noah098
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Sir IFRS15 states that the contract between two parties does not necessarily has to be written. And on the other hand it also states that contract should have commercial substance, so then my doubt is that how can a contract have a commercial substance without actually existing on paper?
December 23, 2020 at 8:57 am #600631
Stephen Widberg
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If I buy some sweets in the shop, I don’t require any written contract.

You would have looked at contract formalities in your law exam.
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