Question

1- explain service cincession arrangements ?

2- explain the CUSTOMER LOYALTY PROGRAMS

3- Agreements for the construction of REAL ESTATE

4- Agreement for the rendeiring of services and sales of goods

5- Transfer of ASSETS FROM CUSTOMER

Answer 1

1: A service concession arrangement is an arrangement inwhich a government or other public sector body enters to a contracts with a private operator or service provider to develop (or upgrade), operate , construct or maintain the grantor's infrastructure assets such as bridges, roads, airports, tunnels, energy distribution centers. It helps in using the capability and resources of third party contractors .

2:Customer loyalt program is given to customers by companies who frequently make purchases. A loyalty program may probably give a customer free merchandise, reward points, extra privelige etc for the service. For eg: A custpomer who frequently travel with a particular airlines may get a reward as a part of the company;s loyalt program in tersm of free use of their airport lounge, or free dinner, or discounts in ticket or free early bird checkin for customer as loyalyty reward.

3: There are many agreements like IFRIC 15, IAS 11, IAS 18 etc which is related to real estate. For eg: The agreement in real estate as s a construction contract within the scope of IAS 11 only when the buyer is capaable to specify the major structural elements( to be incorporated ) as a part of the design of the real estate before the actual construction begins and/or specify the major structural changes to be considered once construction is in progress. IFIC has more agreeements related to real estate regulation policies or act. IFRIC 15 deals with the timing of revenue recognition by real etstate agents by their property after sale with potential buyers.

4: Agreements like IAS 18 is there for rendering of services anf sales of good.It irefers to timely rendering of services and revenue recongition.