DipIFR Syllabus B. Elements of financial statements - Revenues - Presentation in financial statements - Notes ^{3 / 8}

Show in the SFP as a contract liability or a receivable, depending on when paid and performed

i.e.. Paid upfront but not yet performed would be a contract liability - Dr Cash Cr Contract Liability

i.e.. Paid later but already performed - Dr Receivable Cr Revenue (see below)

Performed but not paid would be a contract receivable or asset

1. A contract asset if the payment is conditional (on something other than time)

2. A receivable if the payment is unconditional

Contract assets and receivables shall be accounted for in accordance with IFRS 9.

Disclosures

All qualitative and quantitative information about:

• its contracts with customers;

• the significant judgments in applying the guidance to those contracts; and

• any assets recognised from the costs to fulfil a contract with a customer.