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IFRS 15: Agent principal relationship identification

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › IFRS 15: Agent principal relationship identification

  • This topic has 1 reply, 2 voices, and was last updated 6 years ago by P2-D2.
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  • Author
    Posts
  • September 19, 2018 at 1:03 pm #475223
    sam15057
    Member
    • Topics: 1
    • Replies: 0
    • ☆

    Hi

    Good afternoon!!

    I have a question on agent and principal relation identification under new IFRS 15. For example,

    Parent Company-Company A has an agreement with Company B (Subsidiary Company) under which Company B has to provide services to Company A. Company A is situated in Netherland whereas Company B is situated in Bangladesh. Company B provides maintenance services to Company A’s customers in Bangladesh. Company B does not have any contract or agreement with Company A’s customer. If any spare parts are required for giving services to Company A’s customer, then Company A provides the spare parts. Company B is given cost + 15% mark up for providing services to company A’s customer by Company A.

    Please help me to understand, whether Company B is acting as an agent of Company A or not.

    Thanks!

    Nayeem

    September 23, 2018 at 9:16 pm #475597
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 7163
    • ☆☆☆☆☆

    Hi,

    You need to start with the fundamental rules in IFRS 15 and apply those. Have an attempt and let me know what you think and then I can help from there.

    Thanks

  • Author
    Posts
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