Performance Obligation — Services

Description

This AI field captures a party’s promise to “provide”, “perform”, or “render” services under an agreement, a party’s obligation to continue providing services upon termination of an agreement including the obligation to provide termination or transition services, and a party’s agreement to serve as agent of another. This AI field does not capture provisions relating to any pricing with respect to services, long lists or detailed descriptions of services such as those commonly found in statements of work or schedules to a service agreement, but it should generally help users locate such lists or descriptions, or in most cases, any definitions relating to services. When considering performance obligations for the purposes of IFRS 15 or ASC 606, or any similar accounting standard, it is recommended that this AI field be used in conjunction with the Performance Obligation — Supplies, Purchases and Sales and License Grant AI fields.