IFRS 15 Contract terms with customers – what is it about??????
IFRS 15 11
The standard is applied to the duration of the contract (i.e. the contractual period) in which the parties to the contract have presently enforceable rights and obligations.
IFRS 15 12
A contract does not exist if each party to the contract has the unilateral enforceable right to terminate a wholly unperformed contract without compensating the other party (or parties).
A contract is ‘wholly unperformed’ if both of the following criteria are met: