# Commission Regulation (EU) 2017/1987 of 31 October 2017 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard 15 (Text with EEA relevance) (revoked), Division B38: If another entity assumes the entity's performance obligations and contractual rights in the contract so that the entity is no longer obliged to satisfy the performance obligation to transfer the specified good or service to the customer (ie the entity is no longer acting as the principal), the entity shall not recognise revenue for that performance obligation. Instead, the entity shall evaluate whether to recognise revenue for satisfying a performance obligation to obtain a contract for the other party (ie whether the entity is acting as an agent).

Extent: E+W+S+N.I.
Status: repealed

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Source: https://www.legislation.gov.uk/eur/2017/1987/annex/division/Clarifications/division/Amendments/division/Appendix/division/2/division/B38 (the official version)
Page: https://openlegislation.uk/eu-regulation-2017-1987/annex/division-Clarifications/division-Amendments/division-Appendix/division-2/division-B38
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.