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IFRS 15 Contract Liability

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › IFRS 15 Contract Liability

  • This topic has 1 reply, 2 voices, and was last updated 4 years ago by Stephen Widberg.
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  • October 30, 2020 at 4:03 pm #593561
    bananabuddy
    Member
    • Topics: 14
    • Replies: 13
    • ☆

    Hi, is contract liability the same as deferred income? Can i use those terms interchangeably under the IFRS 15 standard?

    If not, what are the differences between the two? thank you in advance!

    October 31, 2020 at 8:29 am #593610
    Stephen Widberg
    Keymaster
    • Topics: 16
    • Replies: 3408
    • ☆☆☆☆☆

    They are effectively the same. Probably preferable to use contract liability if you are discussing revenue.

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