Revenue – ifrs 15 handbook

Unit of account is the specific good or service
IFRS 15.B34, BC385Q
The evaluation focuses on the promise to the customer and the unit of account 
is the specified good or service. A specified good or service is a distinct good 
or service (or a distinct bundle of goods or services) to be provided to the 
customer. That is, the analysis of whether an entity acts as a principal or an 
agent is performed at the performance obligation level. If individual goods and 
services are not distinct from one another, then they represent inputs into a 
combined promise that is the specified good or service that the entity assesses.
The specified good or service may be a right
IFRS 15.B35A(b)
The specified good or service to be transferred to the customer may in some 
cases be a right to an underlying good or service that will be provided by 
another party. For example, a travel website may sell an airline ticket that gives 
the customer the right to fly on a particular airline or an entity may provide a 
voucher that gives the holder the right to a meal at a specified restaurant.
In these cases, the principal vs agent assessment is analysed based on who 
controls the right to the underlying good or service. That is, an entity may be a 
principal in a transaction relating to a right (e.g. sale of a voucher that gives the 
customer the right to a meal) even if another party controls and transfers the 
underlying good or service (e.g. the flight or the meal) to the end customer.
IFRS 15.IE239–IE248F
An entity may be a principal in a transaction relating to a right if it has the ability 
to direct the use of the right to the underlying service because it has committed 
itself to purchasing the right and has inventory risk. The entity’s ability to 
establish the price that the customer would pay for the right may also be a 
relevant indicator to consider.