This appendix is an integral part of the Standard.
|
"contract" |
An agreement between two or more parties that creates enforceable rights and obligations. |
|
"contract asset" |
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). |
|
"contract liability" |
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. |
|
"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. |
|
"income" |
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 tha |