Sufficiently specific performance obligations
WebMore than one performance obligation. Where a NFP receives a grant containing more than one ‘sufficiently specific’ performance obligation, it applies the same ‘for-profit’ principles … Webspecific and represents a single performance obligation; and • the undertaking of the research and publication of the data will represent services provided to the donor, as it is …
Sufficiently specific performance obligations
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The overarching principle in the above analysis is that a promise cannot be ‘sufficiently specific’ unless we are able to determine when the promise in the contract has been satisfied. Therefore, if we cannot objectively ‘tick off’ when a promise has been delivered/satisfied, we don’t have a … See more The default position in AASB 1058 is that income is recognised immediately if it does not fall within the scope of other Australian Accounting Standards. NFPs … See more AASB 15 is essentially designed for the recognition of revenue by for-profit entities. Appendix F has therefore been added to AASB 15 (refer AASB 2016-8 … See more A contract with a customer includes promises to transfer goods or services to the customer. If those goods or services are distinct, the promises are performance … See more In a not-for-profit context, identifying even the totality of goods or services to be provided(as opposed to distinct promises) can often be problematical. This is … See more Web1 Jan 2024 · Whether a grant contains requirements that are sufficiently specific as to qualify as a performance obligation is assessed separately for each promise and will depend on the facts and circumstances. Where a school assesses that a grant contains sufficiently specific performance obligations, revenue is recognised as, or when, it …
Webparties must create enforceable rights and obligations ‘sufficiently specific performance obligations’ – i.e. the NFP entity’s promise to transfer a good or service must be sufficiently specific ‘underlying goods or services are not retained by the entity’ – i.e. WebSufficiently specific performance obligation: judgement will need to be applied when assessing whether a performance obligation is ‘sufficiently specific’, taking into consideration any conditions specified in the contract or agreement (whether explicit or implied) regarding the promised goods or services. Here are some
Web29 Oct 2024 · 2. Acceptance. After an offer is made, there must be acceptance of that offer from the other party. The acceptance would mean that the other party is well versed with the rules and regulations of the offer. Acceptance can be made in writing or orally. 3. Consideration. This is also a very important element in a contract. Web10 Jul 2024 · A breach of a warranty will not allow for termination, no matter how serious the breach may be. If a breach of warranty occurs the innocent party will only have a remedy in damages. Intermediate term - a breach of a term that is neither a condition nor a warranty will only justify termination of the contract if the breach is sufficiently serious.
Web14 Nov 2024 · Identifying performance obligations 22 ... as issued and amended by the International Accounting Standards Board (IASB). Australian‑specific ... would otherwise be within the scope of AASB 15 does not meet the criteria in paragraph 9 as it is unenforceable or not sufficiently specific, it is not a contract with a customer within the scope of ...
Web16 Dec 2024 · Example 4A – Enforceable agreement, sufficiently specific performance obligation, research data only. Research Institute C receives a cash grant from a donor, Marine Sanctuaries Trust M, of $5.3 million to undertake research that aims to track whale migration along the eastern coast of Australia. The terms of the grant are: density of air lbs ft3Web11 Nov 2024 · Specific performance is a type of remedy in contract law which is discretionary in nature – in other words, it’s up to the court to use their discretion as to … density of al2o3 nanoparticlesWebA charity will be an agent if the performance obligation is to arrange for the provision of goods or services by another party. When a charity satisfies a performance obligation as … density of air on marsWebwith performance obligations or stipulations to use or consume resources in a particular way; and/or other agreements requiring resources to be used over a specified period of … ff wolf\\u0027smilkWebsufficiently specific that a valid expectation is created on the part of other parties that it will discharge those responsibilities. The grantor may: ... 4.2 Some grants require an entity to fulfil specific performance obligations or provide certain goods or services before the grantee is entitled to the grant density of air thermodynamicsWebspecific performance. n. the right of a party to a contract to demand that the defendant (the party who it is claimed breached the contract) be ordered in the judgment to perform the contract. Specific performance may be ordered instead of (or in addition to) a judgment for money if the contract can still be performed, and money cannot ... density of albemetWeb19 Aug 2024 · Section 12 states, Specific performance of a part of a contract. (1) The court shall not direct the specific performance of a part of the contract, except as given hereinafter. (2) Where a contract can not complete a part of the contract but the part which has to be left unfulfilled bears only a small proportion of the total value and accepts ... ff wollsberg