Recognition
Identifying the contract
9 An entity shall account for a contract with a customer that is within the
scope of this Standard only when all of the following criteria are met:
(a) the parties to the contract have approved the contract (in writing,
orally or in accordance with other customary business practices)
and are committed to perform their respective obligations;
(b) the entity can identify each party’s rights regarding the goods or
services to be transferred;
(c) the entity can identify the payment terms for the goods or services
to be transferred;