Document ID: chunk:federal_register_of_legislation:F2023C00402:front:0:p35
Version: federal_register_of_legislation:F2023C00402
Segment Type: other
Provision Reference: 
Character Range: 88544–91623

to, estimating variable consideration, adjusting the consideration for the effects of the time value of money and measuring non-cash consideration;
(b) assessing whether an estimate of variable consideration is constrained;
(c) allocating the transaction price, including estimating stand-alone selling prices of promised goods or services and allocating discounts and variable consideration to a specific part of the contract (if applicable); and
(d) measuring obligations for returns, refunds and other similar obligations.

Assets recognised from the costs to obtain or fulfil a contract with a customer
127 An entity shall describe both of the following:
(a) the judgements made in determining the amount of the costs incurred to obtain or fulfil a contract with a customer (in accordance with paragraph 91 or 95); and
(b) the method it uses to determine the amortisation for each reporting period.
128 An entity shall disclose all of the following:
(a) the closing balances of assets recognised from the costs incurred to obtain or fulfil a contract with a customer (in accordance with paragraph 91 or 95), by main category of asset (for example, costs to obtain contracts with customers, pre-contract costs and setup costs); and
(b) the amount of amortisation and any impairment losses recognised in the reporting period.

Practical expedients
129 If an entity elects to use the practical expedient in either paragraph 63 (about the existence of a significant financing component) or paragraph 94 (about the incremental costs of obtaining a contract), the entity shall disclose that fact.

Commencement of the legislative instrument
          Aus129.1 [Repealed]

Appendix A
Defined terms
This appendix is an integral part of AASB 15.
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 than those relating to contributions from equity participants.
performance obligation            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