Principal versus agent considerations
B34 When another party is involved in providing goods or services to a customer, the
entity shall determine whether the nature of its promise is a performance
obligation to provide the specified goods or services itself (ie the entity is a
principal) or to arrange for the other party to provide those goods or services
(ie the entity is an agent).
B35 An entity is a principal if the entity controls a promised good or service before
the entity transfers the good or service to a customer. However, an entity is not
necessarily acting as a principal if the entity obtains legal title of a product only
momentarily before legal title is transferred to a customer. An entity that is a
principal in a contract may satisfy a performance obligation by itself or it may
engage another party (for example, a subcontractor) to satisfy some or all of a
performance obligation on its behalf. When an entity that is a principal satisfies
IFRS 15
IFRS Foundation A719
a performance obligation, the entity recognises revenue in the gross amount of
consideration to which it expects to be entitled in exchange for those goods or
services transferred.
B36 An entity is an agent if the entity’s performance obligation is to arrange for the
provision of goods or services by another party. When an entity that is an agent
satisfies a performance obligation, the entity recognises revenue in the amount
of any fee or commission to which it expects to be entitled in exchange for
arranging for the other party to provide its goods or services. An entity’s fee or
commission might be the net amount of consideration that the entity retains
after paying the other party the consideration received in exchange for the
goods or services to be provided by that party.
B37 Indicators that an entity is an agent (and therefore does not control the good or
service before it is provided to a customer) include the following:
(a) another party is primarily responsible for fulfilling the contract;
(b) the entity does not have inventory risk before or after the goods have
been ordered by a customer, during shipping or on return;
(c) the entity does not have discretion in establishing prices for the other
party’s goods or services and, therefore, the benefit that the entity can
receive from those goods or services is limited;
(d) the entity’s consideration is in the form of a commission; and
(e) the entity is not exposed to credit risk for the amount receivable from a
customer in exchange for the other party’s goods or services.
B38 If another entity assumes the entity’s performance obligations and contractual
rights in the contract so that the entity is no longer obliged to satisfy the
performance obligation to transfer the promised good or service to the customer
(ie the entity is no longer acting as the principal), the entity shall not recognise
revenue for that performance obligation. Instead, the entity shall evaluate
whether to recognise revenue for satisfying a performance obligation to obtain a
contract for the other party (ie whether the entity is acting as an agent).
Principal versus agent considerationsB34 When another party is involved in providing goods or services to a customer, theentity shall determine whether the nature of its promise is a performanceobligation to provide the specified goods or services itself (ie the entity is aprincipal) or to arrange for the other party to provide those goods or services(ie the entity is an agent).B35 An entity is a principal if the entity controls a promised good or service beforethe entity transfers the good or service to a customer. However, an entity is notnecessarily acting as a principal if the entity obtains legal title of a product onlymomentarily before legal title is transferred to a customer. An entity that is aprincipal in a contract may satisfy a performance obligation by itself or it mayengage another party (for example, a subcontractor) to satisfy some or all of aperformance obligation on its behalf. When an entity that is a principal satisfiesIFRS 15 IFRS Foundation A719a performance obligation, the entity recognises revenue in the gross amount ofconsideration to which it expects to be entitled in exchange for those goods orservices transferred.B36 An entity is an agent if the entity’s performance obligation is to arrange for theprovision of goods or services by another party. When an entity that is an agentsatisfies a performance obligation, the entity recognises revenue in the amountof any fee or commission to which it expects to be entitled in exchange forarranging for the other party to provide its goods or services. An entity’s fee orcommission might be the net amount of consideration that the entity retainsafter paying the other party the consideration received in exchange for thegoods or services to be provided by that party.B37 Indicators that an entity is an agent (and therefore does not control the good orservice before it is provided to a customer) include the following:(a) another party is primarily responsible for fulfilling the contract;(b) the entity does not have inventory risk before or after the goods havebeen ordered by a customer, during shipping or on return;(c) the entity does not have discretion in establishing prices for the otherparty’s goods or services and, therefore, the benefit that the entity canreceive from those goods or services is limited;(d) the entity’s consideration is in the form of a commission; and(e) the entity is not exposed to credit risk for the amount receivable from acustomer in exchange for the other party’s goods or services.B38 If another entity assumes the entity’s performance obligations and contractualrights in the contract so that the entity is no longer obliged to satisfy theperformance obligation to transfer the promised good or service to the customer(ie the entity is no longer acting as the principal), the entity shall not recogniserevenue for that performance obligation. Instead, the entity shall evaluatewhether to recognise revenue for satisfying a performance obligation to obtain acontract for the other party (ie whether the entity is acting as an agent).
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