BC60 The boards also excluded from the scope of IFRS 15 three types of contracts with customers that they are addressing in other Standards:
(a) leases;
(b) insurance contracts; [IFRS 17 Insurance Contracts, issued in May 2017, permits an entity to choose whether to apply IFRS 17 or IFRS 15 to fixed-fee service contracts that meet the definition of an insurance contract. The Board's considerations for permitting this choice are set out in paragraphs BC95-BC97 of the Basis for Conclusions on IFRS 17.] and
(c) financial instruments and other contractual rights or obligations within the scope of the boards' other Standards.
BC61 Some respondents asked the FASB to clarify what is meant by 'contractual rights or obligations' in paragraph 5 of the requirements, because those respondents stated that it is unclear whether financial instrument arrangements that are addressed elsewhere in the Codification, such as letters of credit and loan commitments (addressed in Topic 440 Commitm
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