Appendix A (AASB15_12-14_COMPmar20_07-21)

This appendix is an integral part of AASB 15.

An agreement between two or more parties that creates enforceable rights and obligations.

An entity’s right to consideration in exchange for goods or services that the entity has transferred to a customer when that right is conditioned on something other than the passage of time (for example, the entity’s future performance).

An entity’s obligation to transfer goods or services to a customer for which the entity has received consideration (or the amount is due) from the customer.

A party that has contracted with an entity to obtain goods or services that are an output of the entity’s ordinary activities in exchange for consideration.

Increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in an increase in equity, other than those relating to contributions from equity participants.

A promise in a contract with a customer to transfer to the customer either:

(a)            a good or service (or a bundle of goods or services) that is distinct; or

(b)            a series of distinct goods or services that are substantially the same and that have the same pattern of transfer to the customer.

Income arising in the course of an entity’s ordinary activities.

The price at which an entity would sell a promised good or service separately to a customer.

The amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties.