Which of the following contracts with customers to provide goods or services in the ordinary course of business are included within the scope of IFRS 15?
I lease contracts accounted for under IAS 17 Leases;
II insurance contracts accounted for under IFRS 4 Insurance Contracts;
III financial instruments and other contractual rights or obligations accounted for under IFRS 9 Financial Instruments or IAS 39 Financial Instruments: Recognition and Measurement, IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, IAS 27 Separate Financial Statements and IAS 28 Investments in Associates and Joint Ventures
IV non-monetary exchanges between entities in the same line of business to facilitate sales to customers or potential customers.
A) I., II. and III.
B) III. only
C) I., II. and IV.
D) None of the above

Question

Which of the following contracts with customers to provide goods or services in the ordinary course of business are included within the scope of IFRS 15? 
I lease contracts accounted for under IAS 17 Leases;
II insurance contracts accounted for under IFRS 4 Insurance Contracts;
III financial instruments and other contractual rights or obligations accounted for under IFRS 9 Financial Instruments or IAS 39 Financial Instruments: Recognition and Measurement, IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, IAS 27 Separate Financial Statements and IAS 28 Investments in Associates and Joint Ventures
IV non-monetary exchanges between entities in the same line of business to facilitate sales to customers or potential customers.
A) I., II. and III.
B) III. only
C) I., II. and IV.
D) None of the above

Quizplus · Accepted Answer

IFRS 15 specifically excludes lease contracts (IAS 17), insurance contracts (IFRS 4), and financial instruments and other contractual rights or obligations covered by other standards such as IFRS 9, IFRS 10, IFRS 11, IAS 27, and IAS 28. However, it does include non-monetary exchanges between entities in the same line of business to facilitate sales to customers or potential customers, but this inclusion does not make any of the provided options correct as the question asks for contracts included within the scope, and the options provided mix inclusions and exclusions inaccurately.

Which of the Following Contracts with Customers to Provide Goods