IFRS 15 Revenue

Question

The issue is that a contract states that party A will provide space to party B @20000  pa to be paid in advance. However, it will be 100 percent waived if party B gives a business of certain amount. What revenue is gone booked in this case

Answer 1

Providing a business of certain amount is an non monetary transaction so it can not be accounted but waiver of the earlier amount paid should be booked as "Discount Received" or other similar heads as per credit notes provided by the other party and charged to taxes in the books of accounts.

Answer 2

I assume you are asking for in the books of A,

In that case nothing to be booked, as it is dependent on the condition.