AASB 15 Revenue from Contracts with Customers 5-8: Set the scope: all customer contracts except leases, insurance contracts, financial instruments and like-for-like exchanges, with the customer test and the split for contracts partly under other Standards

What does 5-8 require?

The Standard governs every contract with a customer other than leases under AASB 16, insurance contracts under AASB 17 (with an option to apply this Standard to fixed-fee service contracts under AASB 17 paragraph 8), financial instruments and other rights under AASB 9, AASB 10, AASB 11, AASB 127 and AASB 128, and non-monetary swaps between two businesses in one industry made so each can supply its own customers. A counterparty is a customer only when it has contracted, for consideration, to receive what the entity's ordinary activities produce, not when it shares in the risks and benefits of an activity such as a collaboration. Where a contract falls partly under another Standard, that Standard's separation and initial measurement rules go first, the amounts so measured are removed from the transaction price, and the remainder is allocated under paragraphs 73 to 86. The contract cost paragraphs apply only to costs of contracts, or parts, within scope.