EXERCISE 1 IFRS 15 - Revenue from Contract with Customers, defines contract as an agreement between two or more parties that create enforceable rights and obligations.

Required: a. Compare with an example, where necessary:

i. Contract liabilities versus contract assets

ii. Stand-alone-selling price versus transaction price

b. Under IFRS 15, highlight SIX criteria to assess a contract

c. Explain what is meant by contract modification and state TWO ways in which it can be accounted for.