IFRS 15 Contract Liability

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

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October 30, 2020 at 4:03 pm #593561
bananabuddy
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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
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They are effectively the same. Probably preferable to use contract liability if you are discussing revenue.
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