Date issued: 28 May 2014
No amendments made to this IFRIC till date due since issuance.
Why this interpretation was issued?
The entity (seller) and customer can enter into barter transaction for exchange of dissimilar services, out of the ordinary transaction and the amounts cannot be measured reliably. IAS 18 does not recognize revenue, if not measured reliably. The SIC helps us to measure the fair value of the service received or provided under the barter transactions.
Under the SIC, the revenue of a barter deal is measured at fair value with reference to non-barter transaction with similar criteria.
Periods beginning on or after 1 January 2008 and will be superseded by IFRS 15 as 1 January 2018.