For the purpose of applying IFRS 15, a contract does not exist if:
A) the contract is wholly unperformed.
B) the contract is not written.
C) the terms of an oral contract is not documented.
D) the contract is between related parties.

Question

Quizplus · Accepted Answer

A contract does not exist under IFRS 15 if it is wholly unperformed and both parties can unilaterally terminate it without compensating the other party. The existence of a contract under IFRS 15 does not depend on it being written, documented, or the parties being unrelated.

For the Purpose of Applying IFRS 15, a Contract Does