BC494 For the transfer of non-financial assets that are not an output of an entity's ordinary activities, the boards decided to amend their respective Standards to require that an entity apply the requirements from IFRS 15 for the following topics:
(a) control - to determine when to derecognise the asset.
(b) measurement - to determine the amount of the gain or loss to recognise when the asset is derecognised (including any constraints on the transaction price because it is variable).
BC495 The FASB also decided to apply the requirements from Topic 606 for the existence of a contract to transfer a non-financial asset. Those requirements require an entity to determine whether the parties are committed to perform under the contract, which can be difficult in sales of real estate in which the seller has provided significant financing to the purchaser.
BC496 Those amendments will result in changes to IAS 16 Property, Plant and Equipment, IAS 38 and IAS 40 Investment Property and to Topic 3
…