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Superseded by IFRS 15 Revenue from Contracts with Customers.
IFRIC 18 addresses how an entity accounts for an item of property, plant and equipment received from a customer that it must use either to connect the customer to a network or to provide the customer with ongoing access to a supply of goods or services (such as a supply of electricity, gas or water). It also addresses how an entity accounts for cash received from a customer that must be used only to acquire or construct an item of property, plant, and equipment to connect the customer to a network or provide the customer with ongoing access to a supply of goods or services.
Applying IFRIC 18, the recipient recognises the item as an asset in its financial statements if it controls the use of the item. However, if the customer continues to control the item, it remains an asset of the customer. If the recipient recognises the item as an asset, this asset is initially measured at its fair value on the date of the transfer. IFRIC 18 also addresses how an entity accounts for the resulting credit when it recognises the item received from the customer.
In January 2009 the International Accounting Standards Board issued IFRIC 18 Transfers of Assets from Customers. It was developed by the Interpretations Committee.
IFRIC 18 was superseded by IFRS 15 Revenue from Contracts with Customers.
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