AASB 15 Revenue from Contracts with Customers 105-109: Present each contract as a contract asset or contract liability by comparing performance with payment, show unconditional rights separately as receivables, and impair contract assets under AASB 9

What does 105-109 require?

Once either party has performed, the contract is presented as a contract liability (consideration received or due before transfer) or a contract asset (goods or services transferred before payment is due, excluding receivables), and any right to consideration conditional only on the passage of time is presented separately as a receivable accounted for under AASB 9. Contract assets are tested for impairment under AASB 9 on the same basis as financial assets, and any difference on initial recognition of a receivable between its AASB 9 measurement and the revenue recognised is presented as an expense. Other labels may be used for contract assets and liabilities provided users can tell receivables and contract assets apart.